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Growth Energy statement on extended tax provisions; impact on renewable fuels

Growth Energy statement on extended tax provisions; impact on renewable fuels

Key provisions extended to spur innovation and bring E15 to the marketplace

Following the bipartisan passage of the American Taxpayer Relief Act of 2012, which included several key biofuel tax extensions, Tom Buis CEO of Growth Energy released the following statement:
 
“I commend both the Senate and the House of Representatives for recognizing the importance of renewable fuels and acting to extend both the cellulosic producer tax credit and the alternative fuel infrastructure tax credit through 2013.
 
“By extending the alternative fuel infrastructure tax credit to retailers through 2013, Congress has also taken a critical step to bring E15 to the marketplace, providing a choice and savings to the consumer. Furthermore, this provision will help decrease our addiction to foreign oil and help the renewable fuels industry break through the blend wall.
 
“However, while these extensions were important for sustained development in the biofuels industry, by only extending them for one year, Congress failed to provide the necessary certainty for investors and businesses to plan for the long term, which is imperative for continued stability and growth.
 
“Finally, while the Farm Bill was extended for nine months, the funding for energy programs that had previously been included by the House and Senate Agriculture Committees in their agreement was removed, killing the funding to ethanol infrastructure development under REAP and second-generation production under BCAP and the Biorefinery Assistance Program.
 
“As the 113th Congress convenes this Thursday, I urge them to revisit these provisions and act to provide the stability and funding necessary to ensure robust growth and continued success for the renewable fuels industry moving forward.”

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