The biodiesel and renewable diesel tax credit would be extended by five years under an agreement reached by Congressional leaders, according to reports by the New England Fuel Institute and the Empire State Energy Association.
Under the agreement, reached Dec. 17, the tax credit would be retroactively extended at $1 per gallon for the 2018 and 2019 tax years, according to Jim Collura, NEFI vice president and director of government affairs, writing in NEON, the Institute’s newsletter: “The incentive is then extended at $1 per gallon through December 31, 2022. The broader agreement temporarily extends dozens of other expired tax provisions, known as ‘tax extenders.’ The biodiesel tax credit proposal is a major win for NEFI and its allies.”
The Empire State Energy Association, in a Dec. 17 email to members, reported: “Congress is expected to attach the tax extender’s package to a must-pass government spending bill which is slated to be approved by the end of this week. The White House is expected to sign the agreement into law before the December 20th government funding deadline. A retroactive multiyear extension of the biodiesel blender’s tax credit is a significant win for PMAA, NATSO, NBB, NACS, NEFI, SIGMA and the Advanced Biofuels Association.”