Advanced Biofuels Industry Backs Blenders Credit Bill
Monday, September 19, 2016
Washington, D.C. – The Advanced Biofuels Association (ABFA) salutes Congresswoman Diane Black for her introduction of a bill that would extend the biodiesel and renewable diesel blenders credit for an additional two years. This provision would continue to protect those who are investing in the blending equipment and are selling all the fuel in the United States, specifically the small producers, users of biodiesel and renewable diesel and the distributors. In support of this legislation, ABFA members from across the country attended several meetings this week on Capitol Hill to make sure that everyone in the biodiesel industry continues to have the benefit of a blenders credit.
“After having the benefit of this week’s meetings, it is clear that the best chance for our industry to continue to have tax credit support at the federal level is for all of us to unite behind the existing blenders credit. Given the shortness of the year and the importance of certainty for the overall biodiesel industry, we simply owe it to all our members to give them the best opportunity to continue to have a tax credit in 2017 and 2018,” said ABFA President Michael McAdams.
Since 2005, there has been a blenders tax credit of $1.00 for each gallon of biodiesel or renewable diesel used in a qualified mixture. Expiring at the end of 2016, this tax credit was created to stimulate production and use of biodiesel and renewable diesel. ABFA will continue to represent the interests of the advanced biofuels industry to extend the blenders credit and assure that America has security of supply of agricultural alternatives to fossil fuels to heat homes and power transportation.