On Wednesday, the Senate Finance Committee, Chaired by Sen. Ron Wyden (D-OR), held a hearing titled, “Reforming America’s Outdated Energy Tax Code.” The focus of the hearing was expired tax credits for renewable energy, which includes the biodiesel tax credit. As part of his statement at the hearing Chairman Wyden said:

“For the first time, the tax code must take the costs and benefits of energy sources into account. This committee is going to have a robust conversation about how best to determine costs and benefits. I believe the list of factors must include considerations that don’t always figure in today, such as energy efficiency, affordability, pollution, and sustainability.

Second, it’s past time to replace today’s crazy quilt of more than 40 energy tax incentives with a modern, technology-neutral approach. Let’s clear the hurdles that slow down America’s energy innovators and let’s introduce a new level of competition and fairness into the marketplace.

Third, the disparity in how the tax code treats energy sources – and the uncertainty it causes – has to end. Traditional sources benefit from tax incentives that are permanently baked into law. But clean energy sources are stuck with stop-and-go incentives that have to be renewed every few years.”

The full statement can be viewed here.

Earlier in the week the Chairman also issued a statement on the importance of acting on the tax extenders package, which includes several items of importance to ASA such as Section 179 Expensing and the biodiesel tax credit. Chairman Wyden’s statement on the broader tax extenders can be viewed here.