Biodiesel producers are excited about a House Ways and Means Committee bill that would extend the biodiesel tax credit and other tax incentives. House Subcommittee on Select Revenue Measures Chairman Mike Thompson, D-Calif., introduced the tax extenders bill Tuesday. It would retroactively extend the biodiesel tax credit from 2018 through 2020. That tax credit allows qualified biodiesel producers or blenders an income tax credit of $1.00 per gallon of pure biodiesel or renewable diesel produced or used in the blending process. In February 2018, Congress retroactively extended the credit for 2017 only. The biodiesel industry has been very vocal with members of Congress since then. “Biodiesel and renewable diesel producers across the United States thank Subcommittee Chairman Thompson for proposing a multiyear, forward-looking renewal of the tax incentive,” National Biodiesel Board’s Vice President of Federal Affairs Kurt Kovarik said. House Ways and Means Committee Chairman Richard Neal is expected to markup the legislation Thursday. Both the House and Senate would need to agree on a package for the provision to pass.
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