The U.S. House of Representatives Wednesday passed H.R. 5771, by a vote of 378-46, reinstating a package of tax incentives retroactively for 2014, including the $1 per gallon biodiesel tax incentive.
While the passage of the bill is positive for the biodiesel industry, the bill provides no certainty for the tax breaks in 2015 and the industry would have preferred to see more than a one-year extension. The bill will now move forward to the Senate, where the National Biodiesel Board reports that it appears the Senate will accept a one-year package and punt any 2015 discussions to next year.
“While we very much appreciate the U.S. House of Representatives support for making the biodiesel tax credit available for 2014, we also hope that the U.S. Senate could pass something similar before the end of this lame duck session and that the President would sign. Our bigger hope is that Congress comes back next year and passes a biodiesel tax credit that supports a growing biodiesel industry that supports U.S. jobs and our economy here at home.”
There is concern that disagreement between the House and Senate could emerge in the coming days and derail any bill from passing, so it is important that you stay in contact with your U.S. senators and representatives to emphasize the importance of having a biodiesel incentive in place for 2015.
Also in biodiesel news:
- USDA has announced that the department will provide $5.6 million in grants to the nation’s producers of advanced biofuels, including soy-based biodiesel, as well as an additional $4 million in funds to advance the nation’s bioeconomy.
- Among organizations receiving grants through USDA is the National Biodiesel Board, with whom the MSGA, and our national arm the American Soybean Association (ASA), works to spur investment in and the growth of the domestic biodiesel industry.
- Also funded through the Critical Agricultural Materials program was a project at Iowa State University that develops new paint, coating and adhesive products made from acrylated glycerol, a byproduct of the biodiesel processing industry.