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NBB Press Releases

NBB: 'Grateful but Disappointed' in One-Year Renewal of Biodiesel Tax Credit

Feb 09, 2018
Congress Provided Retroactive Extension of Tax Credit for 2017, 2018 Unresolved

NEWS
FOR IMMEDIATE RELEASE

 Contact: Rosemarie Calabro Tully
202-641-6209
rcalabrotully@biodiesel.org

WASHINGTON, D.C. – Earlier today Congress passed a two-year budget deal that funds the government through March 23, 2018. This deal included a retroactive extension of the biodiesel tax credit for 2017, but not 2018. The National Biodiesel Board (NBB) issued the following statement:

“The industry is grateful to our champions for their tireless efforts to ensure that all of our members’ transactions in 2017 will be properly covered by a retroactive extension of the blenders credit. Candidly, we are disappointed that some of the negotiators prevented the extension from covering 2018, as well. We will continue to make the case that a long-term extension of biodiesel and renewable diesel tax incentives is good energy policy, good tax policy, and would produce more of the environmental and economic benefits that were envisioned when Congress designed the incentives. The industry is poised for growth if given the right signal, so we’ll continue to make sure that Congress understands the value and benefits the public receives from increased biodiesel use,” said Kurt Kovarik, vice president of federal affairs of National Biodiesel Board.

Made from an increasingly diverse mix of resources such as recycled cooking oil, soybean oil and animal fats, biodiesel is a renewable, clean-burning diesel replacement that can be used in existing diesel engines without modification. It is the nation’s first domestically produced, commercially available advanced biofuel. The National Biodiesel Board is the U.S. trade association representing the biodiesel and renewable diesel industries, including producers, feedstock suppliers and fuel distributors.

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