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Congress asked to act on biodiesel tax credit

Congress asked to act on biodiesel tax credit

13 ag groups ask Congress to support the biodiesel sector with tax incentive.

Leaders in the House and Senate have been asked to take action on bipartisan legislation to extend the biodiesel tax incentive.

Thirteen trade groups representing farmers, rural lenders, crop and biobased oil producers, and biodiesel producers wrote the letter to legislative leaders.

“America’s farmers and rural communities are facing a mounting economic threat. With your leadership, Congress can help mitigate the crisis by taking immediate action on a policy that enjoys bipartisan, bicameral support. We are writing today to ask you to renew and extend the biodiesel tax incentive at the earliest opportunity,” the letter states.

“Senators and representatives from both sides of the aisle and across the country agree that the biodiesel tax incentive should be renewed,” the letter continues. “We ask you to bring an extension of the biodiesel tax incentive up for immediate consideration in Congress.”

“Income for America’s farmers is falling, and the impact is beginning to be felt in other sectors of the rural economy,” said Kurt Kovarik, National Biodiesel Board’s vice president of federal affairs. “Biodiesel production adds value to oil seed crops and recycled oils, providing one bright spot for the agriculture sector. Congress can take rapid action to renew the biodiesel tax incentive - a policy that enjoys broad bipartisan support - to help U.S. biodiesel producers continue growing.”

The groups include: Agricultural Retailers Association, American Farm Bureau Federation, American Soybean Association, CoBank, Corn Refiners Association, Farm Credit Council, National Biodiesel Board, National Council of Farmer Cooperatives, National Farmers Union, National Oilseed Processors Association, National Renderers Association, National Sorghum Producers, and U.S. Canola Association.

Source: National Biodiesel Board, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset. 
TAGS: Energy Soybean
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