The American biodiesel industry is growing and a key sector of the American economy. Just last year in the United States, we saw record markets – 2.9 billion gallons of biodiesel and renewable diesel. That outpaced the previous record by almost 40 percent, supporting 64,000 U.S. jobs and $11.42 billion in economic benefits.
While we are proud of this growth, the domestic biodiesel industry is facing serious challenges from imported biodiesel. In 2016, foreign imports were over 1 billion gallons, stifling economic benefits to U.S. producers and domestic job creation.
There is a simple way to fix this problem: change the blender’s tax credit to a production tax credit. As you may know, the current tax code financially incentivizes blenders to use foreign biodiesel – not American biodiesel.
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