When it comes to American biodiesel, jobs and economic opportunities are the hot tickets. In D.C., biodiesel industry leaders from across the nation are meeting with key influencers to spotlight America’s advanced biofuel.
“It’s simple. Biodiesel can continue to grow American jobs and prosperity in communities throughout the nation,” said Donnell Rehagen, National Biodiesel Board (NBB) CEO. “Our members are making real investments and significant impacts across America, and they want to do more.”
The American biodiesel industry currently supports 64,000 jobs across the United States. Many are the highest paying and most affluent jobs in the county or region.
“These aren’t just jobs; they’re great jobs. But American biodiesel will not reach its full potential under the current regulatory framework,” Rehagen said. “Changes that ensure American tax dollars and American programs support American production are just common sense.”
NBB governing board and executive staff members are in D.C. this week meeting with key leaders to discuss reforming the biodiesel tax incentive as a domestic production credit. The move would open the door for the industry to support an impressive 81,600 U.S. jobs and $14.7 billion in total economic benefit.
Under the current “blender’s” structure of the incentive, foreign fuel imported and blended with petroleum diesel in the U.S. is eligible for the tax incentive. In 2016, importers brought in more than one billion gallons of fuel under the program, making up nearly one-third of the U.S. market.
In addition to tax reform, leaders will push for additional growth in the Renewable Fuel Standard (RFS) volume obligations. Biodiesel producers have more than 1.5 billion gallons of unused production capacity that stands ready to be utilized.