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Mar 15, 2018
The House Ways & Means Committee Tax Policy Subcommittee held a hearing on Wednesday to review a group of expired temporary tax credits, such as the biodiesel tax credit. The purpose of the hearing was to review the expired credits to help inform decisions as to whether they should be extended again or made permanent. Following enactment of the comprehensive tax reform bill, Congress subsequently extended a group of expired temporary credits for one year, retroactive to 2017.
The American Soybean Association (ASA) and our soybean and biodiesel industry partners are seeking to extend the biodiesel credit for 2018 and beyond. Representing the biodiesel industry at the hearing was Cal Meyer, vice president and CEO of AGP in Omaha, Neb.
ASA will also submit a statement for the hearing record in support of continuation of the biodiesel tax credit. Many of the witnesses at the hearing represented alternative energy interests and a prevalent point made by multiple entities was the need for the tax credits to continue to help their industry or technology further establish itself in the market.
As a follow-up, the committee indicated it intends to hold another hearing to provide Members of Congress an opportunity to testify on the issue of tax credit extensions.
