National Farmers Union urges US Congress to extend biodiesel tax credit
America’s National Farmers Union (NFU) has called on the US Congress to extend the biodiesel tax credit to prevent severe disruption of the US biodiesel industry.
The NFU joined over 40 organisations in a letter urging House leadership to extend the now expired incentive before the end of 2019.
Production of biodiesel in the US has declined partly due to uncertainty over the tax incentive, which was last addressed in February 2018 to retroactively cover 2017, however has not been extended since.
Since the beginning of this year, nine biodiesel plants have closed or reduced production, with many citing the expired tax credit as a reason for the decision to shut down.
The letter asks that Congress immediately take up and pass legislation to provide a multi-year extension of the biodiesel tax incentive, and to move forward on a long-term biodiesel tax policy.
“The US biodiesel and renewable diesel industry’s continued success is at stake,” the letter reads. “Tens of thousands of American workers and manufacturers – as well as the millions of Americans who benefit from cleaner air and water – are depending on you to provide our industry the certainty we need to continue our growth.”
A copy of the letter, which was also signed by the National Biodiesel Board, American Soybean Association, Advanced Biofuels Association and Iowa Renewable Fuels Association, can be accessed here.
The NFU joined over 40 organisations in a letter urging House leadership to extend the now expired incentive before the end of 2019.
Production of biodiesel in the US has declined partly due to uncertainty over the tax incentive, which was last addressed in February 2018 to retroactively cover 2017, however has not been extended since.
Since the beginning of this year, nine biodiesel plants have closed or reduced production, with many citing the expired tax credit as a reason for the decision to shut down.
The letter asks that Congress immediately take up and pass legislation to provide a multi-year extension of the biodiesel tax incentive, and to move forward on a long-term biodiesel tax policy.
“The US biodiesel and renewable diesel industry’s continued success is at stake,” the letter reads. “Tens of thousands of American workers and manufacturers – as well as the millions of Americans who benefit from cleaner air and water – are depending on you to provide our industry the certainty we need to continue our growth.”
A copy of the letter, which was also signed by the National Biodiesel Board, American Soybean Association, Advanced Biofuels Association and Iowa Renewable Fuels Association, can be accessed here.
Loading ...
