The American Coalition for Ethanol (ACE) CEO Brian Jennings sent a letter today to Chairman of the Committee on Ways and Means Kevin Brady and Chairman of the Committee on Finance Orrin Hatch urging the Conference Committee to extend the Cellulosic Biofuel Tax Credit and Biodiesel Tax Credit as part of the Tax Cuts and Jobs Act. Excerpts from the letter are below.
“Extension of these provisions is critically important and consistent with the stated purposes of the tax bill of ‘growing our economy, bringing jobs back to our local communities, increasing paychecks for our workers, and making sure Americans are able to keep more of the money they earn.’”
“The nation’s biofuel sector generates $184.5 billion in annual output, supports 852,000 jobs, pays $46 billion in wages, remits $14.5 billion in taxes, and saves taxpayers about $10 billion per year by reducing the need for farm program payments.”
“One of the most important things the Conference Committee could do to support the existing biofuel sector and help spur its continued growth would be to extend the Cellulosic Biofuel Tax Credit and Biodiesel Tax Credit in the final bill.”
The full letter can be accessed here.