Written on: November 11, 2016 by ICM
The New England Fuel Institute (NEFI) believes strongly in the “Evolution of Oilheat” to a clean, efficient and renewable heating fuel. Biodiesel-blended heating oil, known as Bioheat® Fuel, has seen extraordinary growth and is now widely available throughout the Northeast. The biodiesel blenders’ tax credit has been essential to this growth and should not be allowed to expire.
NEFI strongly supports H.R.5994, a bill to extend the current biodiesel tax credit for two years. NEFI opposes legislation that would move eligibility for the tax credit upstream from blenders to producers on January 1st. A NEFI Task Force recently concluded the immediate move to a producers-only tax credit would adversely affect regional supplies of biodiesel and increase costs for Bioheat consumers.
A clean, two-year extension of the existing tax credit would allow lawmakers to continue to examine these issues. It would also encourage confidence in the market and continued investment in the equipment and technology necessary to bring sustainable Bioheat to American homes.
Click here for more information and to TAKE ACTION on this issue.
Thank you in advance for your support!