Topics: biodiesel tax credit

IRS Explains Procedures for Claiming Retroactive 2017 Biodiesel Blender Tax Credits

The Internal Revenue Service (IRS) has released a guidance document outlining special one-time claim procedures for obtaining the $1.00 per gallon biodiesel blender tax credit for 2017. Notice 2018-21 prescribes rules for how taxpayers can claim one-time credits for selling or using biodiesel, renewable diesel, and other alternative fuels (such as natural gas) in 2017. The notice also outlines how entities can offset liability for federal gasoline and/or diesel taxes with the 2017 credits, and further provides instructions for how taxpayers can make certain income tax claims on biodiesel and alternative fuels. More

Congress Passes Retroactive Biodiesel Tax Credit for 2017 as Part of Larger Budget Package

Congress yesterday passed and President Trump signed legislation providing for a retroactive biodiesel blenders' tax credit for 2017, leaving the credit's status in 2018 and beyond uncertain. The measure was included as part of a larger budget package that will keep the federal government funded for the foreseeable future. More

NATSO, Others Urge Congress to Approve Multi-Year Extension of Tax Extenders

NATSO joined nearly 60 organizations representing a variety of business, energy, transportation, and agriculture stakeholders in urging Congress to approve a seamless, multi-year extension of the tax extenders before the end of 2017. More

NATSO, Biodiesel Supply Chain Unified in Support of Extending Biodiesel Tax Credit

NATSO on Dec. 18 along with all major associations representing the biodiesel supply chain signed a letter urging leaders of the House Committee on Ways and Means and the Senate Finance Committee to include a retroactive, multi-year extension of the biodiesel tax incentive in end of year legislation. More

New England, New York Energy Groups Urge Lawmakers to Extend, Phase Out Biodiesel Blenders' Tax Credit

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. More

NACS Joins SIGMA in Telling Senate Finance It Prefers No Biodiesel Tax Credit to Producers’ Credit

The National Association of Convenience Stores (NACS) marked the second association in as many days to publicly express that although it supports the biodiesel blender’s tax credit it would prefer no credit rather than have it converted to a producer’s credit. More

SIGMA Supports Biodiesel Blenders' Tax Credit; Prefers No Credit to Producers' Credit

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. More

NATSO Files Comments With EPA on Renewable Fuel Mandates

NATSO on Oct. 19 filed comments with the Environmental Protection Agency (EPA) in response to the agency's request for input on reducing renewable fuel mandates. Specifically, EPA has suggested that it is considering reducing annual renewable volume obligations (RVOs) by tying them to domestic renewable fuel production capacity, rather than the market's ability to consume renewable fuel. NATSO, in its comments, told EPA that this policy shift would undercut the purpose of the RFS and ultimately lead to higher fuel prices for consumers. More

EPA Considering Further Lowering Renewable Volume Mandates

The Environmental Protection Agency (EPA) on Sept. 26 announced that it was seeking public comment on a new approach to establishing renewable fuel mandates under the Renewable Fuel Standard (RFS): Only considering domestic production capacity. If EPA ultimately adopts this new approach, it will substantially lower retailers' incentives to incorporate renewable fuels into their fuel supply. NATSO opposes this policy shift, and in comments it will file with the Agency will urge EPA to recognize that there is a global market for renewable fuels, such as biodiesel, and that the RFS should accommodate fuels regardless of where they are produced. More

Bipartisan Legislation Introduced to Extend, Phaseout Biodiesel Tax Credit

Representatives Diane Black (R-Tenn) and Ron Kind (D-Wisc.) late yesterday introduced bipartisan legislation titled the Biodiesel, Renewable Diesel, and Alternative Fuels Extension Act of 2017 (H.R. 3264) that would extend the biodiesel blenders’ tax credit and ultimately phase it out over five years. More

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