Earlier today Congress passed a two-year budget deal that funds the government through March 23, 2018. This deal included a retroactive extension of the biodiesel tax credit for 2017, but not 2018. The National Biodiesel Board (NBB) issued the following statement:
“The industry is grateful to our champions for their tireless efforts to ensure that all of our members’ transactions in 2017 will be properly covered by a retroactive extension of the blenders credit. Candidly, we are disappointed that some of the negotiators prevented the extension from covering 2018, as well. We will continue to make the case that a long-term extension of biodiesel and renewable diesel tax incentives is good energy policy, good tax policy, and would produce more of the environmental and economic benefits that were envisioned when Congress designed the incentives. The industry is poised for growth if given the right signal, so we’ll continue to make sure that Congress understands the value and benefits the public receives from increased biodiesel use,” said Kurt Kovarik, vice president of federal affairs of National Biodiesel Board.