Congress Returns Next Week, Action Possible on Biodiesel Tax Credit

Written on: November 11, 2016 by ICM

Before the newly-elected President and lawmakers are sworn in, the current Congress must wrap-up some important legislative business. Among several items on the agenda, when it returns next week, is a year-end spending bill that will keep government operational after Dec. 9th. Congress may also use this opportunity to renew some three-dozen soon-to-expire tax breaks. This includes the $1 per gallon biodiesel blenders’ tax credit, set to expire on Dec. 31, 2016.

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.

If you have not already done so, please take a moment to write Congress in support of the biodiesel blenders’ tax credit. We have prepared a letter for you and the process will only take a few minutes (a link is provided at the end of this press release). Thank you to the many NEFI members and supporters that have sent over 300 letters to Capitol Hill in the last two weeks alone!

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!

Source: NEFI