Biofuel Trade Organizations Ask for Extension of Advanced Biofuel Tax Incentives

WASHINGTON--()--A group of biofuel trade organizations today sent a letter to Senate Finance Committee Chairman Ron Wyden (D-Ore.) and Ranking Member Orrin Hatch (R-Utah) encouraging extension of critical advanced biofuel tax incentives -- the Second Generation Biofuel Producer Tax Credit, the Special Depreciation Allowance for Second Generation Biofuel Plant Property, the Biodiesel and Renewable Diesel Fuels Credit, and the Alternative Fuel and Alternative Fuel Mixture Excise Tax Credit. The trade groups signing the letter included the Advanced Ethanol Council, Advanced Biofuels Association, Algae Biomass Organization, Biotechnology Industry Organization, Growth Energy, National Biodiesel Board, and Renewable Fuels Association.

The letter reads, in part, “The advanced biofuels industry is at a critical stage of development. Despite a difficult financial market, we are now operating commercial plants across the country and continue to make progress on dozens of additional projects in the final stages of development. Advanced biofuel tax credits have allowed the biofuels industry to make great strides in reducing the cost of production and developing first-of-kind technologies to deploy the most innovative fuel in the world.

“As leaders in a critical innovation sector in the United States, we are well aware of the financial constraints facing this country. However, the United States’ global competitors are offering tax incentives for advanced biofuels and in fact are attracting construction of new facilities – and associated high skilled jobs. If Congress wants American companies to continue developing these homegrown technologies in the United States, it must extend these credits. Biofuel producers are also competing with incumbent fossil energy industries who continue to enjoy tax incentives on a permanent basis.

“In the interests of energy security, job creation, global competitiveness, and forward-looking policy, we urge you to move quickly to extend expired advanced biofuel tax provisions for multiple years retroactive to January 1.”

Contacts

Paul Winters for BIO
202-962-9237
pwinters@bio.org
or
Christina Martin for RFA
202-289-3835
CMartin@EthanolRFA.org

Contacts

Paul Winters for BIO
202-962-9237
pwinters@bio.org
or
Christina Martin for RFA
202-289-3835
CMartin@EthanolRFA.org