US biodiesel industry urges Congress to extend expired tax credit
The National Biodiesel Board (NBB), together with member companies, allied trade associations and industry partners, has called on the US Congress to extend the expired biodiesel tax incentive before the end of the year.
The letter, which was sent to House and Senate leaders, attempts to highlight “that an immediate extension of the biodiesel tax incentive is needed to prevent a severe economic disruption of the US biodiesel industry.”
Signed by 140 organisations from across the biodiesel value chain, the letter reads: "The US biodiesel and renewable diesel industry's continued success is at stake. 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.
"Since the start of the year, ten biodiesel plants have closed or cut back production, furloughing several hundred workers; the states impacted include Connecticut, Georgia, Indiana, Iowa, Michigan, Mississippi, Missouri, Pennsylvania and Texas. The economic fallout spreads across the US economy, impacting more than 7,500 total jobs.”
Prevent plant closures
It warns: "Immediate extension of the tax credit is needed to prevent more plant closures, more production cutbacks, and more job losses."
Kurt Kovarik, vice-president of federal affairs at the NBB, added: "Continued uncertainty about the tax incentive impacts businesses, workers and industry partners across the economy and in every state. The number of companies and trade groups that joined us on the letter demonstrates the broad impact.
"Biodiesel producers simply can't plan and invest for the future – they're making the very difficult choice to shut down. Our industry needs Congress to act before the end of the year to stop more shutdowns and job losses."
The full letter can be read here.
The letter, which was sent to House and Senate leaders, attempts to highlight “that an immediate extension of the biodiesel tax incentive is needed to prevent a severe economic disruption of the US biodiesel industry.”
Signed by 140 organisations from across the biodiesel value chain, the letter reads: "The US biodiesel and renewable diesel industry's continued success is at stake. 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.
"Since the start of the year, ten biodiesel plants have closed or cut back production, furloughing several hundred workers; the states impacted include Connecticut, Georgia, Indiana, Iowa, Michigan, Mississippi, Missouri, Pennsylvania and Texas. The economic fallout spreads across the US economy, impacting more than 7,500 total jobs.”
Prevent plant closures
It warns: "Immediate extension of the tax credit is needed to prevent more plant closures, more production cutbacks, and more job losses."
Kurt Kovarik, vice-president of federal affairs at the NBB, added: "Continued uncertainty about the tax incentive impacts businesses, workers and industry partners across the economy and in every state. The number of companies and trade groups that joined us on the letter demonstrates the broad impact.
"Biodiesel producers simply can't plan and invest for the future – they're making the very difficult choice to shut down. Our industry needs Congress to act before the end of the year to stop more shutdowns and job losses."
The full letter can be read here.
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