Tuesday, the National Biodiesel Board released a new report showing the importance of renewing the dollar per gallon biodiesel blenders tax credit. Study author John Urbanchuk says the tax credit is critical to the growth and viability of the biodiesel industry.
National Biodiesel Board’s Vice President of Federal Affairs Kurt Kovarik says the nearly two year lapse of the tax credit has caused biodiesel plant shutdowns and cutbacks, and cost jobs as well as significant economic damage.
National Biodiesel Board’s CEO Donnell Rehagen says when it’s in effect the economic benefits of the tax credit is split.
Rehagen and Kovarik both note that the biodiesel industry’s growth has been steady and sustainable over the past 15 years with support from the biodiesel tax incentive and the Renewable Fuel Standard. They add the industry supports more than 65,000 jobs and $17 billion in economic activity.
