WASHINGTON--(BUSINESS WIRE)--A group of biofuel trade organizations today sent a letter to Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) 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 in development. Last year, several new, commercial scale advanced biofuel facilities began operations and, despite a difficult financial market, the industry continues to make progress on dozens of additional projects. Advanced biofuel tax credits have moved these projects to commercial production by reducing the cost of production and by 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 are attracting construction of new facilities. We encourage Congress to continue the development of these homegrown technologies and urge extension of these credits. Furthermore, domestic biofuel producers are competing with incumbent fossil energy industries who continue to enjoy tax incentives and other subsidies on a permanent basis.
“In the interest 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, 2015. We look forward to working with you on this important matter.”
