NATSO today joined nine trade associations in urging Congress to pass a multiyear extension of the biodiesel blenders' tax credit in a joint letter representing producers and marketers of renewable fuels. The existing $1.00 per gallon tax incentives for both biodiesel and renewable diesel expired at the end of 2017. The letter urges Congress to enact a multiyear extension that retroactively covers 2018 and extends the credit into the future to encourage producers and blenders to make forward-looking infrastructure investments.
"The biodiesel tax credit lowers the price that truck drivers pay for diesel fuel, which in turn lowers the cost of shipping and thus the price consumers pay for products that are moved by truck,” said NATSO President and CEO Lisa Mullings. “The credit has successfully encouraged travel centers around the country to incorporate cleaner-burning fuels into their fuel supply. We urge Congress to extend this successful policy as soon as possible.”
Signatories to the letter also included the the Advanced Biofuels Association (ABFA), American Farm Bureau Federation, American Trucking Associations (ATA), the National Association of Convenience Stores (NACS), the National Biodiesel Board (NBB), the National Renderers Association (NRA), the New England Fuels Institute (NEFI), the Petroleum Marketers Association of America (PMAA), and the Society of Independent Gasoline Marketers of America (SIGMA).
NATSO is asking its membership to contact their members of Congress and urge them to support extending the biodiesel tax credit. Congress is in the process of debating a long-term appropriations package to fund the federal government for the remainder of the fiscal year. This may be the last must-pass piece of legislation that Congress will consider for many months. NATSO is urging Congress to include a provision extending the biodiesel tax credit as part of this larger spending package.
Michael McAdams, President of ABFA said that with tax filing season upon us for the 2018 tax year, it is imperative that Congress act quickly to extend this critical tax incentive for the biofuels industry, Congress’s on-again-off-again approach to this credit, which has lapsed three times in the last five years, fails to provide the certainty necessary to drive investment for the producers and marketers of these renewable fuels.
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