Legislation to extend the biodiesel and renewable diesel tax credit for three years was reintroduced in the House and Senate this week. The credit is currently set to expire at the end of 2022. This bipartisan legislation would extend it through 2025 at the current rate of $1 per gallon.
The House bill (H.R.3472) is sponsored by Reps. Cynthia Axne (D-IA-3) and Mike Kelly (R-PA-16). It currently has 24 additional cosponsors including Reps. Larson (D-CT-1), Courtney (D-CT-2), DeLauro (D-CT-3), Himes (D-CT-4), and Cicilline (D-RI-1). You can read the official announcement online here. The Senate bill (S.1806) is sponsored by Sens. Chuck Grassley (R-IA) and Maria Cantwell (D-WA). It currently has nine additional cosponsors including Senator Jeanne Shaheen (D-NH). You can read the official announcement online here.
NEFI endorsed this legislation and has reached out to an additional nine Senators and 43 Representatives from the Northeast to request their support. This includes newly elected members of Congress or newly hired legislative aides who may be unfamiliar with the issue or how it impacts constituents. We are expanding our outreach and expect additional cosponsors will join in the coming days.
Note: other tax legislation is being considered on Capitol Hill that could dramatically affect heating fuel dealers and their customers. These bills could be part of a bigger "clean energy" tax reform proposal that could make its way into the forthcoming infrastructure bill. These proposals are being reviewed by NEFI's new tax policy subcommittee, led by former Board Chair Jim Townsend of Townend Energy. The group may recommend NEFI take a position in support of, or opposition to, these bills in the days and weeks ahead.
"NEFI's support for the biodiesel tax credit reflects a continued commitment by our industry to deliver an environmentally secure product to consumers," said Townsend. "We continue to evaluate other legislation that might help achieve this goal and will oppose any tax proposals that diminish our competitiveness and limit consumer choice."
Industry advocates should expect one or more "calls to action" as activity in Washington continues to ramp up. Stay tuned!
For more information contact:
Jim Collura, NEFI Vice President & Director of Government Affairs (202) 441-8857 or email@example.com
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