A group of biofuel trade organisations have sent a letter to Senate Finance Committee Chairman Ron Wyden and Ranking Member Orrin Hatch encouraging the extension of critical advanced biofuel tax incentives. The trade groups signing the letter included the Advanced Ethanol Council, Advanced Biofuels Association, Growth Energy and Renewable Fuels Association.
‘The advanced biofuels industry is at a critical stage of development. Despite a difficult financial market, we are now operating commercial plants across the country and continue to make progress on dozens of additional projects in the final stages of development. Advanced biofuel tax credits have allowed the biofuels industry to make great strides in reducing the cost of production and developing first of kind technologies to deploy the most innovative fuel in the world.
‘As leaders in a critical innovation sector in the US, we are well aware of the financial constraints facing this country. However, the US’ global competitors are offering tax incentives for advanced biofuels and in fact are attracting construction of new facilities, and associated high skilled jobs. If Congress wants American companies to continue developing these homegrown technologies in the US, it must extend these credits. Biofuel producers are also competing with incumbent fossil energy industries who continue to enjoy tax incentives on a permanent basis.
‘In the interests of energy security, job creation, global competitiveness, and forward looking policy, we urge you to move quickly to extend expired advanced biofuel tax provisions for multiple years retroactive to January 1.’
Adapted from press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/31032014/biofuels_tax_incentives/