Klobuchar urges Senate leaders to extend tax credit

By Bryan Sims | December 14, 2011

In a letter sent to Senate Majority Leader Harry Reid, Minority Leader Mitch McConnell, Finance Committee Chairman Max Baucus and Ranking Member Orrin Hatch, U.S. Sen. Amy Klobuchar, D-Minn., pressed senate leaders to extend critical tax credits for biofuels and bioenergy set to expire at the end of the year, including the $1-per-gallon biodiesel blender’s tax credit. Klobuchar explained how allowing them to expire could eliminate thousands of jobs and impede economic prosperity, not just in Minnesota but across the nation.

“We have seen what happens when these credits expire,” Klobuchar stated. “The biodiesel production tax credit lapsed in 2010, and fuel production dropped dramatically, shuttering dozens of plants and putting thousands of people across the country out of work. Given our nation’s urgent need for more transportation fuels from domestic sources that are both secure and environmentally sound, we cannot let that happen again.”

Klobuchar continued, “With the biodiesel tax credit in place again for 2011, domestic production has more than doubled, supporting more than 31,000 jobs and generating at least $3 billion in GDP and $628 million in federal, state and local tax revenues.”

In addition to an extension of the biodiesel tax credit, Klobuchar also pressed Senate leaders to extend the 1603 Treasury Grant Program, Production Tax Credit and Advanced Energy Manufacturing Tax Credit, which are all are set to expire at the end of the year.

“These expiring tax provisions have demonstrated their effectiveness in catalyzing private investment and job growth, spurring U.S. technological innovation and diversifying our nation’s energy mix,” Klobuchar stated in the letter. “In light of the critical role these incentives and others have played in fostering U.S. economic growth, now is not the time to let them lapse, even temporarily. We believe it is important these critical tax provisions be part of any year-end tax legislation.”

 

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