Farm Bureau Adds To Push For Reviving And Extending Biodiesel Tax Credit

Citing benefits to rural America, the American Farm Bureau Federation (AFBF) has added their voice to those calling for the biodiesel tax credit to be revived for 2018 and extended for 2019. "Extending tax credits for biodiesel and renewable diesel will support domestic production and preserve the economic benefits that pass through to the country’s soybean, canola and livestock farmers," Farm Bureau said in a letter to House lawmakers this week. They called for House members to cosponsor and support the Biodiesel Tax Credit Extension Act of 2019 (HR 2089), also mentioning a companion bill in the Senate, the Tax Extender and Disaster Relief Act of 2019 (S 617). The bills would extend tax incentives for biodiesel and renewable diesel retroactively for 2018 and extend them for 2019. Those tax credits expired at the end of December 2017. Extending the credits will bolster the rural economy, Farm Bureau President Zippy Duvall emphasized in the letter. "In many rural areas of the country, production facilities are a driving force in local economies that provide employment opportunities and broaden the local tax base." he said. "In addition, all citizens, including farmers who are large fuel consumers, benefit when our nation reduces its dependence on unpredictable international oil markets."