Congress urged to act swiftly on tax credit

By | January 19, 2010

Posted February 2, 2010

On Feb. 2, the National Biodiesel Board forwarded a letter from 179 biodiesel companies and stakeholders to the Leadership of the House and Senate, as well as the Chairmen and Ranking Members of the tax writing committees, regarding the urgent need to retroactively extend the biodiesel tax incentive, which expired on Dec. 31.

The letter notes, among other things, "expiration of the tax incentive has essentially caused the production and use of biodiesel in the U.S. to cease and has placed the 23,000 jobs that are currently supported by the domestic biodiesel industry in immediate jeopardy. Companies have already started laying-off employees, and this situation is certain to worsen the longer the tax incentive is allowed to lapse."

Biodiesel is a diesel replacement fuel made from agricultural oils, fats and waste greases that meets a specific commercial fuel definition and specification. The $1-per-gallon biodiesel tax incentive is structured in a manner that makes biodiesel price competitive with petroleum diesel in the marketplace. Absent the tax incentive, biodiesel is more expensive than conventional diesel.

"The sentiment expressed in this letter accurately reflects the dire situation facing the U.S. biodiesel industry," noted Manning Feraci, NBB's vice president of federal affairs. "Biodiesel producers are hanging on by a thread, idling their plants, laying off employees, and closing their doors. As these letters indicate, it is imperative for Congress to act quickly and save these green jobs."

Click here to read the letter to the Senate.

Click here to read the letter to the House of Representatives.

SOURCE: NBB
 
 
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