WASHINTON, DC - - The National Biodiesel Board (NBB), the trade association for the U.S. biodiesel industry, today thanked U.S. Senator Maria Cantwell (D-WA) and U.S. Senator Charles Grassley (R-IA) for introducing the Biodiesel Tax Incentive Reform and Extension Act.
“Domestic production and use of biodiesel is consistent with an energy policy that values the displacement of petroleum with low-carbon, renewable fuels. This legislation will provide certainty to biodiesel producers and improve the form and function of the biodiesel tax incentive. We strongly support this proposal and commend Senator Cantwell and Senator Grassley for introducing this forward thinking legislation,” said NBB CEO Joe Jobe.
The Biodiesel Tax Incentive Reform and Extension Act will help provide stability and reliability in the marketplace by extending the biodiesel tax incentive for five years. In addition, the legislation would change the biodiesel tax incentive from a blenders excise tax credit to a production excise tax credit. This common sense change will focus the incentive on the domestic biodiesel industry, improve administration of the nation’s tax laws and protect the integrity of the credit.
“This common sense proposal is consistent with an energy policy that values the use of domestically produced, low carbon renewable fuels to meet the nation’s energy needs. Our industry looks forward to working with Senator Cantwell and Senator Grassley to enact this important proposal,” concluded Jobe.
The NBB is the national trade association of the biodiesel industry and is the coordinating body for biodiesel research and development in the U.S. NBB’s membership is comprised of state, national, and international feedstock and feedstock processor organizations, biodiesel suppliers, fuel marketers and distributors, and technology providers.