NATSO, Biodiesel Supply Chain Unified in Support of Extending Biodiesel Tax Credit

NATSO on Dec. 18 along with all major associations representing the biodiesel supply chain signed a letter urging leaders of the House Committee on Ways and Means and the Senate Finance Committee to include a retroactive, multi-year extension of the biodiesel tax incentive in end of year legislation.

The letter, which was signed by the National Biodiesel Board, the American Trucking Associations and all fuel retail groups, including NATSO, the National Association of Convenience Stories, Petroleum Marketers Association of America, and the Society of Independent Gasoline Marketers of America, demonstrates to Congress that the industry is unified in support of extending the biodiesel blenders’ tax credit.

"It is not every day that these groups all join the same letter, and that should tell policymakers something," said NATSO Vice President of Government Affairs David Fialkov. "NATSO has spent the last year telling lawmakers that extending the biodiesel blenders' tax credit is good for consumers, fuel retailers, and biodiesel producers, and the fact that the major trade associations representing all of these segments of the supply chain have signed this letter verifies that. We all collectively urge Congress to extend the biodiesel tax incentive."

In the letter, the groups said that a seamless, multi-year extension of the tax credit will help create jobs, reduce fuel costs, diversify the nation’s energy supply and bolster domestic energy production.

The biodiesel supply chain is united in the belief that it is vital that Congress reinstate the biodiesel tax credit to ensure a healthy biodiesel market that allows the fuels sector to invest in alternative fuels and offer them to the public at the lowest possible cost.

Since 2005, the $1.00 per gallon biodiesel blenders’ tax credit has helped fuel retailers to sell biodiesel at a price that is cost competitive with gasoline and diesel, thereby advancing consumer consumption.

Failure by Congress to renew the tax credit would drive up biodiesel prices to a degree that would diminish consumer interest in the product, ultimately hindering U.S. efforts to advance the utilization of cleaner burning fuels.

via Business Feeds

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