The National Biodiesel Board thanks Senators Chuck Grassley of Iowa and Ron Wyden of Oregon for introducing legislation to extend expired biodiesel tax incentives. The legislation would provide a two-year extension of expired temporary tax incentives, including the biodiesel and renewable diesel tax incentive.

The legislation also includes important tax provisions for those impacted by natural disasters. Kurt Kovarik, NBB Vice President of Federal Affairs, says his organization is hopeful the House and Senate will address the expired provisions “as soon as possible.”

Congress did renew the biodiesel tax incentive in February of 2018, but only retroactively for the previous year. “Biodiesel producers have counted on the credits to secure blending contracts and financing for plant expansions and upgrades,” Kovarik says, “Now they’re facing the longest period of uncertainty ever, as the tax incentive remains expired two full months after the start of 2019.” He says stable long-term tax policy is important to continue the nation’s path to cleaner fuels and energy security.

Source;  NAFB News