House Ways and Means Committee Chairman Kevin Brady has introduced a bill to extend biodiesel tax credits. It makes technical corrections to the Tax Cuts and Jobs Act and extends the biodiesel and renewable diesel tax incentives. Minnesota Soybean Grower’s Association Board member Bob Worth is pleased with the measure.

The legislation calls for keeping the credit at the current rate of $1.00 per gallon for 2018 through 2021 and gradually reduces it to $ 0.33 per gallon by 2024 and then phases it out. Worth says that’s beneficial for growers.

He says the tax incentive has worked well in Minnesota where they’ve been able to advance their biodiesel industry.

Worth says too often the credit has been allowed to lapse and then be reinstated retroactively which does not provide the certainty businesses need to plan, invest and create jobs.