Late last week Congress passed the tax extenders package in the appropriations legislation. It included a five-year extension of the $1 per gallon biodiesel tax credit through 2022. National Biodiesel Board director and Nebraska farmer Greg Anderson says the approval is timely and welcomed by the biodiesel industry.

He says the tax incentive package include a long-term extension but is also retroactive for 2018 and 2019. That gives biodiesel producers certainty and benefits soybean farmers.

Anderson says the lapse in the credit for two years had caused some plant shutdowns and a cutback in production. However, this extension comes just in the nick of time.

The multi-year program will also improve demand for soybean oil used in the production of biodiesel.