Washington, DC - Today, Kurt Kovarik, Vice President of Federal Affairs for the National Biodiesel Board (NBB), submitted written testimony to the House Ways and Means Select Revenue Measures Subcommittee for a hearing titled, “Temporary Policy in the Internal Revenue Code.”
NBB’s testimony emphasizes that the industry urgently needs an immediate extension of the biodiesel and renewable diesel tax incentive to end the current climate of policy uncertainty.
In the testimony, Kovarik writes, “While a long-term extension would provide the necessary policy certainty, our industry urgently needs an immediate extension of the biodiesel tax incentive for 2018 and 2019, at least, to end the current climate of uncertainty surrounding the industry.”
“The biodiesel and renewable diesel industry cannot reach its full potential with on-again, off-again tax policy,” Kovarik says in the testimony.
“Biodiesel and renewable diesel producers and blenders have been operating for as many as 14 months with the expectation that they will eventually be able to claim credits for 2018 and amend their financial statements.
"Individual NBB members are already being forced to put projects on hold and reduce investments, due to uncertainty about renewal of the tax incentive.
"That uncertainty will affect future growth.”
Made from an increasingly diverse mix of resources such as recycled cooking oil, soybean oil and animal fats, biodiesel is a renewable, clean-burning diesel replacement that can be used in existing diesel engines without modification.
It is the nation’s first domestically produced, commercially available advanced biofuel.
NBB is the U.S. trade association representing the entire biodiesel value chain, including producers, feedstock suppliers, and fuel distributors, as well as the U.S. renewable diesel industry.
For more information, please contact Paul Winters at 202-737-8801 or firstname.lastname@example.org