Mar 14, 2019
The House Ways and Means Select Revenue Measures Subcommittee held a hearing this week titled “Temporary Policy in the Internal Revenue Code,” where discussion included the status of tax extenders and the biodiesel tax credit. Several Members of the Subcommittee, including Rep. Adrian Smith (R-NE), Rep. Darin LaHood (R-IL) and Rep. Jackie Walorski (R-IN) cited the importance of the biodiesel tax credit to the soybean farmers they represent.
The National Biodiesel Board (NBB) submitted written testimony on behalf of the biodiesel industry reiterating the benefits of biodiesel and the need to move quickly to reinstate and extend the biodiesel tax credit. After the hearing, Subcommittee Chairman Mike Thompson (D-CA) said he would like the House to move quickly on tax extenders and that he believes there should be offsets to cover the budgetary cost of the tax credits. The issue of whether to offset the cost is an issue that could hold up progress. ASA continues to push for immediate action on a multi-year extension of the biodiesel tax credit.