The National Biodiesel Board (NBB) welcomed the biodiesel tax credit extension as part of the ‘Build Back Better’ Bill in the US.
The proposed extension through to 2031 of the biodiesel and renewable diesel blenders tax credit in the House Ways and Means portion of the Build Back Better Act was passed.
The NBB thanked House Ways & Means Committee Chairman Richard Neal (D-MA) and Senate Finance Committee Chairman Ron Wyden (D-OR) as well as House and Senate co-sponsors of legislation to extend the credit, including Cindy Axne (D-IA) and Mike Kelly (R-PA) and Maria Cantwell (D-WA) and Chuck Grassley (R-IA).
"Biodiesel and renewable diesel are clean, low-carbon fuels that are widely available today to achieve the carbon reductions Congress is seeking.
“These fuels are 74% less carbon intensive than petroleum diesel on average and have prevented more than 140 million tons of carbon emissions since 2010. Moreover, they substantially cut emissions of particulate matter that impact cancer rates, asthma and other respiratory diseases, which can lower associated healthcare costs," said Kurt Kovarik, NBB vice president of federal affairs.
"The biodiesel tax credit continues to be extremely successful in expanding consumer access to these clean, low-carbon fuels while driving economic growth and job creation. NBB and its members sincerely thank Representative Axne and Senator Cantwell along with other champions for ensuring the credit is included in this legislation."
The US biodiesel and renewable diesel industry supports 65,000 US jobs and more than $17 billion (€14.4 billion) in economic activity each year. Every 100 million gallons of production supports 3,200 jobs and $780 million €661 million) in economic opportunity.
Biodiesel production supports approximately 13% of the value of each US bushel of soybeans.
The NBB is the US trade association representing the entire biodiesel and renewable diesel value chain, including producers, feedstock suppliers, and fuel distributors.
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