RFA Welcomes Deal to Extend Biofuel Tax Provisions
The Renewable Fuels Association thanks congressional leaders for renewing and extending important renewable fuel tax provisions in its tax extenders agreement reached early Tuesday morning. Specifically, the amendment would retroactively reinstate the second-generation biofuel producer credit, the special allowance for second-generation biofuel plant property and the alternative fuel ref
ueling property credit for 2018 and 2019 and extend them through 2020. In addition, the biodiesel tax credit was reinstated for 2018 and 2019 and extended through 2022.
RFA President and CEO Geoff Cooper offered the following statement:
“This is welcome news for the entire renewable fuels industry, and we thank Senator Grassley and the other leaders who made this important compromise possible. While we continue to advocate for prospective, longer-term certainty for the second-generation biofuel producer credit and other relevant tax provisions, we are grateful this deal was reached to retroactively reinstate the lapsed second-generation biofuel provisions and extend them through 2020. We also appreciate the renewal and extension of the biodiesel and renewable diesel credit, as more than 2 billion pounds of corn distillers oil from ethanol plants are converted annually into the lowest-carbon source of biodiesel and renewable diesel available on the market today.
“The ethanol industry continues to support smart tax policy that enables long-term growth and investment in low-carbon renewable fuels, and today’s deal helps level the playing field against a fossil fuels industry that has reaped billions upon billions in tax incentives, subsidies, and write-offs. We urge Congress and President Trump to move swiftly to pass and enact these important provisions that have languished for years.”
About the Renewable Fuels Association
The Renewable Fuels Association is the leading trade association for America’s ethanol industry. Its mission is to advance the development, production, and use of ethanol fuel by strengthening America’s ethanol industry and raising awareness about the benefits of renewable fuels. RFA’s members are working to help America become cleaner, safer, more energy independent and economically secure. For more information, visit EthanolRFA.org.
Brian Allmer & the BARN are members of the National Association of Farm Broadcasting (NAFB), the Colorado FFA Foundation, the Colorado 4H Foundation, the Colorado Farm Show Marketing Committee, 1867 Club Board Member, Denver Ag & Livestock Club Member, the Weld County Fair Board, the Briggsdale FFA Advisory Council, Briggsdale 4H Club Beef Leader & Founder / Coordinator of the Briggsdale Classic Open Jackpot Show.