Biofuels Industry Urges Retroactive Extension Of Key Incentives
On March 24, 2014, seven leading biofuel trade associations sent a letter to Senate Committee on Finance Chair Ron Wyden (D-OR) and Ranking Member Orrin Hatch (R-UT) — as the Committee works to develop a tax extenders bill — urging the retroactive extension of the following biofuel incentives, which expired on December 31, 2013: 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. A copy of the letter is available online.
The letter stresses that the advanced biofuels industry is at a critical stage of development and is a critical innovation sector that depends on the incentives and their stability for continued development. It also points out that the continued availability of the tax credits is needed to continue to attract development of advanced biofuels and their associated jobs in the U.S.