Renewable Fuels Association welcomes deal to extend biofuel tax credits
US clean fuel association Renewable Fuels Association (RFA) has thanked Congressional leaders for renewing and extending certain biofuel tax provisions in an agreement reached earlier this week.
The amendment would retroactively reinstate the second-generation biofuel producer credit, the special allowance for second-generation biofuel plant property and the alternative fuel refuelling property credit for 2018 and 2019, extending them through 2020.
In addition, the biodiesel tax credit was reinstated for 2018 and 2019 and extended through 2022.
“This is welcome news for the entire renewable fuels industry, and we thank Senator Grassley, Speaker Pelosi and other congressional leadership who made this important compromise possible,” commented Geoff Cooper, president and CEO of the RFA. “While we continue to advocate for prospective, longer-term certainty for the second-generation biofuel producer credit and other relevant tax provisions, we are grateful this deal was reached to retroactively reinstate the lapsed second-generation biofuel provisions and extend them through 2020.
“We also appreciate the renewal and extension of the biodiesel and renewable diesel credit, as more than 2 billion pounds of corn distillers’ oil from ethanol plants are converted annually into the lowest-carbon source of biodiesel and renewable diesel available on the market today.
“The ethanol industry continues to support smart tax policy that enables long-term growth and investment in low-carbon renewable fuels, and today’s deal helps level the playing field against a fossil fuels industry that has reaped billions upon billions in tax incentives, subsidies, and write-offs. We urge Congress and President Trump to move swiftly to pass and enact these important provisions that have languished for years.”
The amendment would retroactively reinstate the second-generation biofuel producer credit, the special allowance for second-generation biofuel plant property and the alternative fuel refuelling property credit for 2018 and 2019, extending them through 2020.
In addition, the biodiesel tax credit was reinstated for 2018 and 2019 and extended through 2022.
“This is welcome news for the entire renewable fuels industry, and we thank Senator Grassley, Speaker Pelosi and other congressional leadership who made this important compromise possible,” commented Geoff Cooper, president and CEO of the RFA. “While we continue to advocate for prospective, longer-term certainty for the second-generation biofuel producer credit and other relevant tax provisions, we are grateful this deal was reached to retroactively reinstate the lapsed second-generation biofuel provisions and extend them through 2020.
“We also appreciate the renewal and extension of the biodiesel and renewable diesel credit, as more than 2 billion pounds of corn distillers’ oil from ethanol plants are converted annually into the lowest-carbon source of biodiesel and renewable diesel available on the market today.
“The ethanol industry continues to support smart tax policy that enables long-term growth and investment in low-carbon renewable fuels, and today’s deal helps level the playing field against a fossil fuels industry that has reaped billions upon billions in tax incentives, subsidies, and write-offs. We urge Congress and President Trump to move swiftly to pass and enact these important provisions that have languished for years.”
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