The National Biodiesel Board submitted written testimony appealing to the Senate Finance Committee to renew the biodiesel tax incentive today. Without the tax credit, the industry could see its growth severely hampered and thousands of jobs lost.
"The recent expiration of the $1 per gallon biodiesel tax incentive poses a significant threat to the industry's continued growth,” said National Biodiesel Board (NBB) Vice President of Federal Affairs Anne Steckel in written testimony to the Senate Finance Committee today. The biodiesel tax incentive expired on Dec. 31, 2011, for the second time in three years, despite evidence that it is working to stimulate production and economic activity. Steckel explained that the incentive helped boost biodiesel production to a record volume of nearly 1.1 billion gallons in 2011. That volume, triple the production in 2010, supported more than 39,027 jobs and $3.8 billion in GDP, according to a recent study conducted by Cardno ENTRIX, an international economics consulting firm.
"The biodiesel industry is poised to continue that momentum so long as Congress and the Administration continue supporting strong policies such as the biodiesel tax incentive," Steckel said.
Under projected expansion, with the tax incentive in place, the industry is expected to support more than 74,000 jobs by 2015 and some $7.3 billion in GDP.