President Obama held a public signing ceremony for the tax bill passed by Congress this week that delivers early Christmas presents for everyone. Among those in attendance at the signing were some 150 members of Congress, administration officials and key stakeholder and advocates who worked to pass the bill, including representatives from the ethanol industry.
Both Renewable Fuels Association president and CEO Bob Dinneen and Growth Energy CEO Tom Buis were in the audience at the bill signing. “The Obama Administration today reaffirmed its commitment to America’s ethanol industry,” said Dinneen in a statement. “Extending these tax incentives prevents America from backtracking on the gains it has made in energy security and jettisoning the economic opportunity domestic ethanol production has brought to hundreds of rural communities all across the nation.”
At the ceremony, Buis presented the President with a letter thanking him for his support on behalf of the American ethanol industry. “We write today to express our deep appreciation and thanks for your leadership in delivering a common-sense ethanol tax policy. This legislation provides the certainty we require as our nation transitions to the debate over reforming our long-term national energy policy,” the letter reads. “Every year, our addiction to foreign oil drains $1,000 for every man, woman and child out of our economy. That is money we should invest in Des Moines, not Abu Dhabi – Columbus, and not Caracas.”
The biodiesel industry was not represented at the signing, but they were no less enthusiastic in their praise and gratitude for the bill which retroactively renews the biodiesel tax credit that expired at the end of 2009. “Reinstatement of this proven incentive helps provide the policy framework needed to meet the nation’s renewable goals, and the NBB sincerely appreciates the bipartisan cooperation and support that made extension of this worthwhile incentive possible,” said Joe Jobe, National Biodiesel Board CEO.