Sens. Joni Ernst (R-IA) and Chuck Grassley (R-IA) are urging Internal Revenue Service (IRS) Commissioner Charles Rettig to promptly process 2018-2019 claims for the biodiesel tax credit, which Congress retroactively reinstated at the end of 2019.
“Timely payment of claims for 2018 and 2019 is necessary for the recovery of the entire biodiesel industry, including producers, blenders, and farmers,” the Senators wrote in a letter dated February 13, 2020.
On January 15, 2020, the IRS issued guidance for biodiesel producers and blenders to claim payments for the retroactively reinstated credit. The agency will accept claims for 2018 and 2019 credit until August 11, 2020.
National Biodiesel Board VP of Federal Affairs Kurt Kovarik thanked the senators for their constant and strong support of the biodiesel industry. The Senators stood with our industry to urge their colleagues to renew the credit, issued last-minute appeals to ensure its passage, and have now followed through to see that the credit provides a much-needed economic lifeline to biodiesel producers and farmers.”