FB NEWS – 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, the American Farm Bureau Federation said in a letter urging House members to cosponsor and promptly pass the Biodiesel Tax Credit Extension Act of 2019 (H.R. 2089).
Tax credits for biodiesel, renewable biodiesel and second-generation biofuel expired on Dec. 31, 2017. The bipartisan Biodiesel Tax Credit Extension Act of 2019 would extend tax incentives for biodiesel and renewable diesel for 2018 and 2019.
Biodiesel and renewable diesel production help farmers and ranchers by expanding markets for their products. They also give a boost to the broader economy, AFBF President Zippy Duvall noted in the April 24 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. In addition, all citizens, including farmers who are large fuel consumers, benefit when our nation reduces its dependence on unpredictable international oil markets,” Duvall wrote.
On the Senate side, Farm Bureau supports the Tax Extender and Disaster Relief Act of 2019 (S. 617), which would extend all expired tax provisions, including credits for biodiesel, for 2018 and 2019.
Posted by: FB News, May 1, 2019