NBB Seeks Long-Term Extension of the Biodiesel Tax Incentive

The National Biodiesel Board Monday urged lawmakers to enact a multiyear extension of the biodiesel and renewable diesel tax incentive. A letter sent to leadership of the House and Senate seeks the extension before Congress adjourns for the year. In February 2018, Congress retroactively extended the tax incentive for 2017, leaving it expired for this year and beyond. In the letter, the biodiesel industry stakeholders state, “a multiyear extension of the tax incentive would help the biodiesel industry achieve substantial growth over the next several years, creating significant new employment opportunities, an important market for agricultural products and renewable feedstocks, as well as opportunities for rural economic growth.” The U.S. biodiesel and renewable diesel market has grown from about 100 million gallons in 2005, when the incentive was first implemented, to nearly 2.9 billion gallons in 2016.