Fuel Retailers Applaud House Legislation to Extend the Biodiesel Tax Credit ALEXANDRIA, VA – NATSO, representing America’s travel centers and truck stops, SIGMA: America’s Leading Fuel Marketers, and the National […]
07-23-2024You’re probably aware that the biodiesel tax credit (BTC) is worth $1 per gallon and helps lower the cost of biodiesel. You may also know that it was recently reinstated — retroactively for 2018 and 2019, and also through 2022.
But how exactly does that benefit truckstops?
05-21-2020In late December, President Trump signed legislation that retroactively renewed the $1-per-gallon biodiesel tax credit and extended it through 2022. It marked an enormous victory for not only the travel center industry, but also for the environment and America’s truck drivers and consumers.
Importantly, it allows diesel retailers to receive significant profits from blending bio into their diesel. Let’s take a look at what this means from an individual truckstop or travel plaza owner operator’s perspective.
01-02-2020
NATSO on June 25 along with all major associations representing the biodiesel supply chain united in urging House and Senate Leaders and the two key tax writing committees to extend the $1 per gallon biodiesel blender’s tax credit as well as to seek a permanent tax incentive that will help foster growth in the domestic biodiesel market.
06-26-2018 The U.S. International Trade Commission on Dec. 5 made a final finding that biodiesel imports from Argentina and Indonesia harm U.S. producers. The decision, coupled with last month’s final countervailing duties determination by the Department of Commerce, paves the way for final countervailing duties orders by the end of December. NATSO disagrees with the outcome, preferring free trade policies, and maintains that limiting fuel marketers’ access to supply from overseas will raise retail fuel prices. The decision does, however, obviate the need for Congress to convert the biodiesel tax credit from a blender credit to a producer credit, as this change was designed to limit imports in the first place.
12-06-2017 The New England Fuel Institute (NEFI) and the New York State Energy Coalition (NYSEC) marked the latest organizations to urge lawmakers to retroactively extend the biodiesel blenders’ tax credit and phase it out over five years. In a letter to the Senate Finance Committee, NEFI and NYSEC said that proposals to shift the biodiesel tax credit to a producers’ credit would have an immediate and adverse effect on biodiesel supplies in the Northeast, including supply disruptions and an increase in consumer prices for biodiesel blended heating oil in New England and New York.
11-28-2017 The Society of Independent Gasoline Marketers of America on Nov. 14 told members of the Senate Finance Committee that although it supports the biodiesel blender’s tax credit, the association would prefer no credit rather than have it converted to a producer’s credit.
11-15-2017 NATSO and a diverse group of biodiesel producers, fuel retailers and trucking interests representing every segment of the biodiesel supply chain sent a letter the Senate Finance Committee and House Ways and Means Committee on Oct. 31 in support of extending and phasing out the biodiesel blenders’ tax credit, and outlining their opposition to efforts to shift the credit to a producers’ credit as the tax-writing committees consider tax reform legislation.
10-31-2017
