The Superior Biofuels Affiliation (ABFA) joined 35 main commerce associations in urging Congress to increase vital biofuel and bioenergy tax credit. This unified effort highlights the pressing want for stability within the nation’s vitality markets to guard American customers from rising vitality and gas prices.
In a letter addressed to Majority Chief Chuck Schumer, Speaker Mike Johnson, Minority Chief Mitch McConnell, and Minority Chief Hakeem Jeffries, the coalition of main associations outlined the pressing want to increase current tax incentives, together with the biodiesel tax credit score, sustainable aviation gas tax credit score, and second-generation biofuel producer credit score. With out these extensions, the vitality and agriculture industries face important uncertainty as they navigate the upcoming transition to a brand new tax regime in 2025, launched by the Inflation Discount Act.
Michael McAdams, President of the Superior Biofuels Affiliation, emphasised the significance of this initiative: “The superior biofuels trade has been a significant driver of financial progress, supporting American jobs and decreasing reliance on overseas vitality sources. As longstanding vitality tax insurance policies expire and uncertainty round new insurance policies grows, extending these very important tax credit is vital to stabilizing markets and stopping rising prices for American customers.”
The proposed extensions characterize a bridge, providing stability and predictability throughout a pivotal transition interval for the vitality sector. This short-term answer would assist keep away from pointless disruptions in vitality and gas markets, safeguarding American customers from rising prices and supporting the companies and employees on the forefront of the nation’s vitality innovation.
Learn the total letter to Congress right here.
