The biodiesel industry is hoping Congress passes tax extenders legislation including the biodiesel tax incentive. Ben Evans with the National Biodiesel Board in Washington D.C. says he believes there’s an opportunity to get Congress to approve at least a two year deal. It would, however, be a producer credit verses the current blender’s credit to prevent it from being used by foreign countries.
Evans says it’s encouraging that Senate Finance Chairman Orrin Hatch is in favor of a longer term approach to the legislation. He’s hoping the House will follow suit.
Evans admits it’s possible action on tax extenders may occur again at the end of the year as it has in the past.
The extenders package includes the one dollar a gallon biodiesel tax credit as well as benefits for ethanol infrastructure and cellulosic fuels and the production tax credit for wind power and the Section 179 expensing allowance.
