ASA urges action on biodiesel tax credit

ASA urges action on biodiesel tax credit

Credit is due to expire at end of the year.

The American Soybean Association and a coalition of other stakeholders are pushing Congress to consider a tax package during the lame duck session in 2016.

Related: U.S. consumers use record amount of biodiesel

The ASA wants to extend the biodiesel tax credit, which expires at the end of 2016.

Related: Biodiesel industry asks for action on tax extenders

ASA calls on Congress to extend the biodiesel tax credit. (Photo: money business images/Thinkstock)

While a “tax extenders” package had become an annual occurrence in Congress, changing dynamics have made it far less certain than past years. The tax package enacted in 2015 extended the biodiesel tax credit through 2016, but a number of the larger tax credits were made permanent or extended for five years, leaving a group of smaller credits vulnerable to inaction while Congress contemplates comprehensive tax reform.

Related: Biodiesel supports 48,000 jobs

A letter sent to several congressional letters on Sept. 15 calls on Congress to provide multi-year extensions of the provisions due to expire at the end of the year. The letter is signed by 23 organizations, including ASA, the Renewable Fuels Association, the National Biodiesel Board and the American Farm Bureau Federation.

Related: National Biodiesel Board launches promotional campaign

Source: ASA

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