NATSO, SIGMA Urge Congress to Harness Momentum to Lengthen $1 Per Gallon Biodiesel Tax Credit score
ALEXANDRIA, Va., Nov. 8, 2024 /PRNewswire/ — NATSO, representing truck stops and journey facilities, and SIGMA: America’s Main Gas Entrepreneurs, at present urged Congress to harness rising momentum for the extension of a collection of expiring tax credit throughout the Lame Duck session, together with the $1 per gallon biodiesel blenders’ tax credit score.
The associations, which signify practically 80 p.c of gasoline bought at retail, applauded Senator Chuck Grassley (R-Iowa) for his current public feedback stating the biodiesel tax is amongst 20 included in a tax bundle that “should be handed.”
NATSO and SIGMA recognize Senator Grassley’s management on this difficulty in addition to all of the Members of Congress who’ve co-sponsored H.R. 9060, bipartisan laws launched by Representatives Mike Carey (R-OH), Annie Kuster (D-NH) and Claudia Tenney (R-N.Y.) that might prolong the biodiesel blenders’ tax credit score for one 12 months.
NATSO and SIGMA Govt Vice President of Authorities Affairs, David Fialkov. mentioned:
As Members return to complete their work, we look ahead to partaking on coverage priorities that may forestall pointless disruptions within the gasoline market whereas preserving gasoline costs low for shoppers and additional decreasing carbon emissions from transportation gasoline,
“Gas retailers are prepared and prepared to work with Congress because it considers vital coverage priorities throughout the Lame Duck Session.”
The Inflation Discount Act, which was signed into legislation by President Biden after passing Congress on a purely partisan foundation, created a brand new Clear Gas Manufacturing tax credit score often known as “45Z.” Regardless of repeated requests, the business has not acquired steering from the Biden Administration concerning what the worth of that credit score might be for various fuels. This uncertainty, mixed with the scheduled expiration of the biodiesel blenders’ credit score on the finish of 2024 is hurting biodiesel producers, gasoline retailers, trucking firms, and your entire soy advanced.
A various group of stakeholders help H.R. 9060, together with the American Trucking Associations, Power Entrepreneurs of America, Illinois Soybean Growers, Iowa Biodiesel Board, Kentucky Soybean Affiliation, Mid Atlantic Soybean Affiliation, Minnesota Soybean Growers Affiliation, Nationwide Affiliation of Comfort Shops, Nationwide Power and Gas Institute, Ohio Soy Affiliation, Small Superior Biofuel Refiners, and Truckload Carriers Affiliation.
Biodiesel and renewable diesel have traditionally been essentially the most extensively used biofuels in business trucking and stay essentially the most viable choice for decreasing carbon emissions from the nation’s trucking, dwelling heating oil, and rail industries within the close to time period. The biodiesel tax credit score immediately lowers the price of diesel gasoline for truck drivers, which in flip reduces transport prices and helps decrease the costs shoppers pay for items transported by truck.
Extending this tax credit score would be sure that motor carriers can proceed to chop carbon emissions inside current fleets whereas additionally preserving gasoline costs and client prices down. The biodiesel blenders’ tax credit score has been instrumental in growing a powerful renewable diesel business in the US, driving vital progress in manufacturing. The U.S. biodiesel and renewable diesel market expanded from roughly 100 million gallons in 2005 to round 4 billion gallons in 2023, all whereas contributing to decrease transportation-related carbon emissions.
READ the newest information shaping the biofuels market at Biofuels Central
NATSO, SIGMA Urge Congress to Harness Momentum to Lengthen $1 Per Gallon Biodiesel Tax Credit score, supply
