Legislation was introduced this week in both the House and the Senate that would extend the biodiesel tax credit through 2025.
Sens. Chuck Grassley (R-IA) and Maria Cantwell (D-WA) introduced the bipartisan Biodiesel Tax Credit Extension Act of 2021 in the Senate, while Rep. Cindy Axne (D-IA) and Rep. Mike Kelly (R-PA) put forth the bill in the House. The tax credit is set to expire at the end of 2022 after being revived in December 2019.
“The biodiesel tax credit has proven to work by reducing our dependence on foreign oil and lowering greenhouse gas emissions,” Grassley said. “The biodiesel industry employs more than 60,000 Americans. This extension would provide important, longer-term stability for them and their communities.”Sen. Grassley on biodiesel tax extension (1:41)
“The biodiesel tax credit continues to be extremely successful in expanding consumer access to cleaner fuels,” said Kurt Kovarik, National Biodiesel Board Vice President of Federal Affairs. “Biodiesel and renewable diesel cut carbon emissions by an average of 74% compared to petroleum diesel and they support job creation and economic opportunity for rural communities across the country. NBB’s members sincerely appreciate Senators Grassley and Cantwell and Representatives Axne and Kelly, along with the 27 original cosponsors.”