The National Biodiesel Board is grateful for the 46 members of Congress who voiced strong support for a multi-year extension of the biodiesel tax incentive. The members of Congress represent states all the way from California to Connecticut, and they asked for a resolution in the coming weeks from House leadership.
The biodiesel tax incentive was retroactively renewed for 2017 in the Bipartisan Budget Act of 2018 and passed in March of this year. The incentive wasn’t extended to 2018 and is currently expired.
The NBB’s Vice President of Federal Affairs is Kurt Kovarik, who says, “Right now, soybean farmers are harvesting a record crop. However, they’re facing an extreme uncertainty about the price they’ll get and whether or not they’ll have access to other markets.” The NBB says biodiesel adds value to every bushel of soybeans and provides a market for the growing surplus of soy oil.
A multi-year extension of the biodiesel tax incentive would give farmers a welcome bit of certainty this year. The letter to House leadership also says, “The extension would provide biodiesel producers, blenders, and retailers the opportunity to plan and expand the market for biodiesel, which would benefit truck drivers, consumers, and others along the value chain.”
Source: National Association of Farm Broadcasting News Service.