Biofuels groups ask for tax breaks in extenders bill
July 17, 2015 |04:31 PM
Biofuels groups today sent Senate Finance Committee Chairman Orrin Hatch, R-Utah, and ranking member Ron Wyden, D-Ore., a letter asking that a series of tax incentives for the industry be included in the tax extenders bill that Hatch has announced will be marked up on Tuesday.
The groups asked that the expired second generation biofuel producer tax credit, the special depreciation allowance for second generation biofuel plant property, the biodiesel and renewable diesel fuels credit, and the alternative fuel and alternative fuel mixture excise tax credit be included and made retroactive to January 1.
The letter was signed by the Advanced Ethanol Council, Advanced Biofuels Association, Algae Biomass Organization, Biotechnology Industry Organization, Growth Energy, National Biodiesel Board and Renewable Fuels Association
“The advanced biofuels industry is at a critical stage in development,” the letter said.
“Last year, several new, commercial scale advanced biofuel facilities began operations and, despite a difficult financial market, the industry continues to make progress on dozens of additional projects. Advanced biofuel tax credits have moved these projects to commercial production by reducing the cost of production and by developing first-of-kind technologies to deploy the most innovative fuel in the world.”
The tax extenders bill is scheduled to be marked up on Tuesday at 11 a.m. in Room 215 of the Dirksen Senate Office Building.
The groups asked that the expired second generation biofuel producer tax credit, the special depreciation allowance for second generation biofuel plant property, the biodiesel and renewable diesel fuels credit, and the alternative fuel and alternative fuel mixture excise tax credit be included and made retroactive to January 1.
The letter was signed by the Advanced Ethanol Council, Advanced Biofuels Association, Algae Biomass Organization, Biotechnology Industry Organization, Growth Energy, National Biodiesel Board and Renewable Fuels Association
“The advanced biofuels industry is at a critical stage in development,” the letter said.
“Last year, several new, commercial scale advanced biofuel facilities began operations and, despite a difficult financial market, the industry continues to make progress on dozens of additional projects. Advanced biofuel tax credits have moved these projects to commercial production by reducing the cost of production and by developing first-of-kind technologies to deploy the most innovative fuel in the world.”
The tax extenders bill is scheduled to be marked up on Tuesday at 11 a.m. in Room 215 of the Dirksen Senate Office Building.
