Since passing the biodiesel blender credit, it’s worked successfully, building a strong incentive for downstream fuel marketers to blend renewable energy sources into their supply. This process has helped lower prices at the gas pump for motorists and at home for consumers.
In fact, since the renewable diesel blenders’ tax credit took effect, it’s grown from approximately 100 million gallons to nearly 2.6 billion gallons. Think about that for a second! That’s 2,000 times more than what the program started with. A HUGE accomplishment.
Unfortunately, the Biodiesel Tax Credit Extension expired at the end of 2017. Since then, it’s been kicked around Congress without any real resolution. In order to extend the tax credit retroactively, legislators must act before December 31, 2019. Rep. Abby Finkenauer (D-IA) has introduced legislation to solve the problem. Known as H.R. 2089 or the “Biodiesel Tax Credit Extension Act,” Rep. Finkenauer’s proposal would extend the biodiesel credit retroactively for 2018 and 2019.
PMAA has endorsed H.R. 2089, and now that legislators are on their August recess you can make a difference by speaking up and sharing your support. If you aren’t sure who represents your district, click here.
Thank you for being a WPMA member! To learn more about legislative issues facing petroleum marketers and the industry as a whole, sign up for PMAA’s Weekly Review.