Senate to Propose Biodiesel Tax Incentive

From the NBB:

We’re happy to report that the Senate Finance Committee today unveiled a bipartisan “tax extenders” package that includes the biodiesel tax incentive. The committee is slated to take up the package next week.

This marks welcome progress for one of NBB’s top priorities and is an important step toward winning reinstatement of the tax incentive. The proposal, released by committee Chairman Orrin Hatch, R-Utah, and Ranking Member Ron Wyden, D-Ore., calls for a two-year reinstatement covering 2015 and 2016. The committee has scheduled a markup for the bill, which contains 52 tax incentives and is titled, “An Original Bill to Extend Certain Expired Tax Provisions”, on Tuesday, July 21.

The committee has been working on the bill in a bipartisan fashion on the bill for weeks, so we anticipate that it will have broad support in committee. However, we urge those of you with senators on the committee to contact them today and urge them to support the biodiesel incentive. Makes sure they know it is an important economic policy for their home state. To find a list of senators on the committee, click here on the committee’s website.

More information on the bill can be found here. A copy of the initial Chairman’s Mark of the bill can be found here. A revenue table for the tax extenders bill can be found here. A summary of the package can be found here.

As you know, this is the beginning of what has been a long process in past years. However, the Senate bill is a significant step forward, and it will serve as the first draft as House and Senate leaders continue negotiating how to proceed with expired tax incentives. It was critical that biodiesel was included in this proposal.

We will send another update next week after the committee markup. Meanwhile, if you have any questions, please don’t hesitate to contact our Washington office at 202-737-8801.



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