Farm Industry News Blog

Industry reacts to Senate’s failure to pass amendment extending biofuel tax incentives

The Senate today failed to pass an amendment that would have extended biofuel tax incentives. The Advanced Ethanol Council, the Renewable Fuels Association and the National Biodiesel Board react.

 

The U.S. Senate today failed to pass an amendment, proposed by Senator Debbie Stabenow (D-Mich.), that would have extended biofuel tax incentives. This includes the Cellulosic Biofuels Producer Tax Credit (PTC); the Accelerated Depreciation Allowance for Cellulosic Biofuel Plant Property; the Alternative Fuel Infrastructure Tax Credit available to blender pumps and other ethanol fueling infrastructure; as well as the biodiesel tax credit.

The final vote was 49-49. 

“Unfortunately, the Senate missed an opportunity to put to bed the pressing need to extend expiring tax incentives for cellulosic biofuels and other sources of domestically produced clean energy,” said Advanced Ethanol Council Executive Director Brooke Coleman. “We appreciate Senator Stabenow’s effort to advance this piece of must-pass cellulosic biofuels policy, and we look forward to getting these provisions extended as soon as possible.”

“Increasing volumes of renewable fuels like ethanol have the potential to further reduce America’s foreign oil tab if investments in infrastructure offering higher level blends are encouraged,” added Bob Dinneen, president and CEO, Renewable Fuels Association. “In the face of record gas prices for this time of year and the very real possibility for $5 gas, I urge Congress to move swiftly to pass extensions of these tax incentives and accelerate America’s break with foreign oil.”

Anne Steckel, vice president of federal affairs, National Biodiesel Board (NBB), said, “We urge Congress to break this partisan gridlock and find a way to enact policies like the biodiesel tax credit that have strong bipartisan support.”

 

Congress allowed the $1-per-gallon biodiesel tax incentive to expire on Dec. 31, 2011, despite the fact that the incentive helped the biodiesel industry achieve record production last year of nearly 1.1 billion gallons, supporting more than 39,000 jobs, the NBB added.

 

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