Rep. Finkenauer (D-IA) urged Congress to extend the biodiesel tax credit during June 4 testimony at a Members’ Day Hearing before the House Committee on Ways and Means.
Rep. Finkenauer, who introduced H.R. 2089, the Biodiesel Tax Credit Extension Act of 2019, in April, testified that the biodiesel tax credit lapsed in 2018 to the detriment of truckstop and gas station owners, the biodiesel and trucking industries, consumers and others that rely on the tax credit to expand their businesses and bring down energy costs.
"There are many issues pending before this committee that are important to my constituents, but I want to focus my testimony today on what should be a bipartisan effort, and should have been done in the last Congress, which is the biodiesel tax credit, " Rep. Finkenauer testified. "Being from Iowa, the largest producer of biodiesel, I understand the importance of biodiesel, and other biofuels, firsthand. It is imperative that we extend the biodiesel tax credit and work with the Senate Finance Committee to get something done quickly."
The Members' Day hearing allowed Members of the House of Representatives to highlight issues of importance as the Committee moves forward with its legislative agenda.
Since 2005, the biodiesel tax credit has helped fuel retailers to sell biodiesel at a price that is cost competitive with gasoline and diesel, thereby advancing consumer consumption. Fuel retailers have struggled, however, amid market uncertainty created by the on and off again nature of the tax credit.
"We applaud Congresswoman Finkenauer for her leadership in extending the biodiesel tax credit, which is critical to ensuring that travel plazas, truckstops and fuel retailers can offer more competitively priced diesel fuel,” NATSO Vice President of Government Affairs David Fialkov said in a statement to media. “Congresswoman Finkenauer’s testimony underscores the fact that the biodiesel tax credit has strong, bipartisan support in the House of Representatives. We are grateful for Congresswoman Finkenauer’s leadership, and her commitment to improving the environment and the economy.”
Rep. Finkenauer in her testimony stated that biodiesel represents an efficient use of renewable natural resources. Every gallon of biodiesel that displaces traditional diesel represents at least a 50 percent reduction in lifecycle greenhouse gas emissions. Biodiesel also lowers prices at the pump for consumers, resulting in fuel savings of at least 17 cents on every gallon of diesel in 2017, Rep. Finkenauer testified.
Rep. Finkenauer introduced H.R. 2089 in April along with a bipartisan group of lawmakers. The legislation currently has 50 co-sponsors, including Representatives Mike Kelly (R-PA), Ron Kind (D-WI) and Adrian Smith (R-NE), Dave Loebsack (D-IA), Darin LaHood (R-IL), Danny Davis (D-IL), Rosa DeLauro (D-CT), Cheri Bustos (D-IL) and others.
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