Biodiesel tax credit extension through 2031 in Build Back Better bill
On Sept. 11, the National Biodiesel Board welcomed the proposed extension through 2031 of the biodiesel and renewable diesel blenders tax credit in the House ways and means portion of the Build Back Better Act.
NBB thanked House ways and means committee chairman Rep. Richard Neal, D-Massachusetts, and Senate finance committee chairman Sen. Ron Wyden, D-Oregon, as well as House and Senate co-sponsors of legislation to extend the credit, including Reps. Cindy Axne, D-Iowa, and Mike Kelly, R-Pennsylvania, and Sens. Maria Cantwell, D-Washington, and Chuck Grassley, R-Iowa.
"Biodiesel and renewable diesel are clean, low-carbon fuels that are widely available today to achieve the carbon reductions Congress is seeking,” said Kurt Kovarik, NBB vice president of federal affairs. “These fuels are 74 percent less carbon intensive than petroleum diesel on average and have prevented more than 140 million tons of carbon emissions since 2010. Moreover, they substantially cut emissions of particulate matter that impact cancer rates, asthma and other respiratory diseases, which can lower associated healthcare costs. The biodiesel tax credit continues to be extremely successful in expanding consumer access to these clean, low-carbon fuels while driving economic growth and job creation. NBB and its members sincerely thank Rep. Axne and Sen. Cantwell along with other champions for ensuring the credit is included in this legislation.”
The U.S. biodiesel and renewable diesel industry supports 65,000 U.S. jobs and more than $17 billion in economic activity each year. Every 100 million gallons of production supports 3,200 jobs and $780 million in economic opportunity. Biodiesel production supports approximately 13 percent of the value of each U.S. bushel of soybeans.