NBB Applauds Biodiesel Tax Credit Extension in Build Back Better Bill

Today,
the National Biodiesel Board welcomed the proposed extension through 2031 of
the biodiesel and renewable diesel blenders tax credit in the House Ways &
Means portion of the Build Back Better Act.

NBB
thanked House Ways & Means Committee Chairman Rep. Richard Neal (D-MA) and
Senate Finance Committee Chairman Sen. Ron Wyden (D-OR) as well as House and
Senate co-sponsors of legislation to extend the credit, including Reps. Cindy
Axne (D-IA) and Mike Kelly (R-PA) and Sens. Maria Cantwell (D-WA) and Chuck
Grassley (R-IA).

“Biodiesel
and renewable diesel are clean, low-carbon fuels that are widely available
today to achieve the carbon reductions Congress is seeking. These fuels are 74%
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,” said Kurt Kovarik, NBB Vice President of Federal
Affairs.

“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 Representative Axne and Senator
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.

Made
from an increasingly diverse mix of resources such as recycled cooking oil,
soybean oil and animal fats, biodiesel and renewable diesel are better, cleaner
fuels that are available now for use in existing diesel engines without
modification. NBB is the U.S. trade association representing the entire
biodiesel and renewable diesel value chain, including producers, feedstock
suppliers, and fuel distributors.

Original Source

Author: admin