ABFA Urges Congress to Look at Future Biofuels Tax Provisions Following One Year Extension
Wednesday, December 17, 2014
Late yesterday Congress passed tax extender legislation including a one-year retroactive extension of four key advanced biofuels tax provisions as part of a larger package of tax credit extensions. These four advanced biofuels incentives include: (1) the Second Generation Biofuel Production Tax Credit; (2) the Second Generation Biofuel Special Depreciation Allowance; (3) Incentives for Biodiesel and Renewable Diesel, and (4) Incentives for Alternative Fuels and Alternative Fuel Mixtures.
In response, ABFA has released the following statement attributable to President Michael McAdams.
“We are encouraged by Congress’ decision to continue supporting the advanced biofuels tax incentives included in the tax extension legislation for another year, and simultaneously disappointed at how quickly these extenders will expire. These extenders send a significant signal to the advanced and cellulosic industry and to the markets regarding the sustained support at the federal level. Because these credits are vital to the ongoing development of the advanced biofuels industry, we urge members of Congress to consider extending these tax provisions for multiple years, to ensure stability in the marketplace and allow the advanced biofuels industry to reduce the cost of production and continue developing first-of-kind technologies on a level playing field with established competitors.”