U.S. Senate passes tax extenders; biodiesel credit to be reinstated

In a 76 to 16 vote, the U.S. Senate on Dec. 16 passed the tax extenders package that the House passed earlier this month, which includes the $1 per gallon biodiesel and renewable diesel tax credits. The tax credits will be stated retroactively back to Jan. 1, 2014, and is good only through Dec. 31 of this year. President Obama is expected to sign the legislation within days.

While the biodiesel industry is appreciative of the reinstatement, many are calling on Congress to revisit the issue early in the New Year to provide more stability in investment.

“Clearly these tax incentives have tremendous bipartisan support when you look at the votes in both the House and Senate,” said Anne Steckel, vice president of federal affairs for the National Biodiesel Board. “So while we appreciate Congress passing this bill, we would urge lawmakers to quickly take up forward-looking, longer-term extensions early in the New Year so that we can continue the momentum in 2015 and beyond. The biodiesel tax incentive creates jobs and economic activity in communities across the country, and there's no reason to have this sporadic tax law when clearly it is a policy that makes sense and enjoys broad support on both sides of the aisle.”