Biofuel Trade Groups Ask Congress to Extend Tax Incentives
A group of biofuel trade organizations is encouraging the extension of critical advanced biofuel tax incentives - including the Second Generation Biofuel Producer Tax Credit. The Advanced Ethanol Council, Growth Energy, National Biodiesel Board and Renewable Fuels Association were among the groups signing a letter to Senate Finance Chair Ron Wyden and Ranking Member Orrin Hatch to ask for the extension of this and other credits. According to the letter - the advanced biofuels industry is at a critical stage of development. Despite a difficult financial market - the groups note commercial plants are operating across the country and progress is being made on dozens of additional projects in the final stages of development. Advanced biofuel tax credits - the letter continues - have allowed the biofuels industry to make great strides in reducing the cost of production and developing first-of-kind technologies to deploy the most innovative fuel in the world. If Congress wants American companies to continue developing these homegrown technologies in the U.S. - the biofuel trade groups say it must extend these credits. In the interests of energy security, job creation, global competitiveness and forward-looking policy - they urge Wyden and Hatch to move quickly to extend expired advanced biofuel tax provisions for multiple years retroactive to January 1st.
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