LATEST SENATOR DONNELLY
Washington, D.C. – U.S. Senators Joe Donnelly, Chuck Grassley (R-IA), Maria Cantwell (D-WA), and 13 other senators today introduced bipartisan legislation to reform the biodiesel tax credit and extend the new policy for three years.The American Renewable Fuel and Job Creation Act of 2017 would extend this important clean-fuel incentive for three years and reform the incentive by transferring the credit from the blenders to the producers of biofuels. The switch would ensure that the tax credit incentivizes domestic production and taxpayers aren’t subsidizing imported fuel.
Since 2014, biofuels imports have increased from 510 million gallons to about one billion gallons in 2016. Already in the first quarter of 2017, imports are 10 percent higher than they were at this time in 2016. In many cases, foreign biodiesel benefits both from the existing tax credit and from additional foreign subsidies, which makes it difficult for domestic biodiesel facilities to compete. In 2015 alone, the U.S. Treasury spent more than $600 million on tax credits for imported biodiesel and renewable diesel. The American Renewable Fuel and Job Creation Act would help the industry grow to its full potential.
Read the Full Press Release