NBB Encouraged by Biodiesel Tax Incentive Action

Members of the National Biodiesel Board (NBB) are encouraged by the introduction in Congress of a multiyear extension of the biodiesel tax incentive. If passed, the credit would be available to biodiesel blenders through 2022 to help to expand markets and support expansion of biodiesel and renewable diesel production.

NBB Vice President of Federal Affairs Kurt Kovarik says the announced deal provides the policy certainty that the biodiesel industry has been seeking to support investments and continued growth of production. “We will continue to work with our champions to get this legislation across the finish line before the end of the year.”

Iowa Democrats Reps. Abby Finkenauer (IA-01) and Cindy Axne (IA-03) submitted two amendments to H.R. 5377 that would revive the expired biodiesel tax credit and extend tax credits for Iowa’s second generation biofuels.

“The biodiesel tax credit is important for Iowa farmers, producers, rural small businesses, and hard-working families. From day one, I’ve been working with colleagues on both sides for the aisle, and in both the House and Senate to get bring this credit back,” Congresswoman Finkenauer said. “I have stressed to House leadership how important this credit is to the First Congressional District, and to the entire state of Iowa. While I wish this is something that would’ve been resolved during the last Congress, I will keep working to make sure I get this done for Iowans. Today’s amendments are another push to get that done.”