It’s time once again for the annual push to Congress to extend tax incentives before the end of the year, a plea which is usually ignored.
Renewable energy organizations sent letters to Congressional leadership this week calling for a multi-year extension of the Second Generation Biofuel Producer Tax Credit, the Special Depreciation Allowance for Second Generation Biofuel Plant Property, the Biodiesel and Renewable Diesel Fuels Credit, and the Alternative Fuel Vehicle Refueling Property – all set to expire at the end of 2016.
Brent Erickson with BIO (Biotechnology Innovation Organization) says they hope Congress recognizes the value of the advanced biofuels industry to the nation’s energy security. “The extension of these tax credits will continue to support the scale-up of second generation biofuels by supplying companies with the necessary capital and assurance needed to move into the next stage of commercial development – construction of cutting edge biorefineries,” said Erickson. “Advanced biofuel tax credits drive innovation while leveling the playing field for U.S. companies in the international marketplace. These tax credits foster American-born technology innovations and help keep them here at home.”
Bob Dinneen with the Renewable Fuels Association also sent a letter to Congressional leaders this week. “By extending these incentives, Congress will assure the policy certainty the industry needs to continue to grow, innovate and flourish, while encouraging further investment to help expand fuel choices for consumers at the pump,” said Dinneen.