On December 19, Congress approved a set of government funding packages that re-authorized two tax credits critical to the biofuels industry: the biodiesel tax credit and the second-generation biofuels tax credit. These tax credits have been waiting to be extended since they expired in 2017 and include renewal of a $1 per gallon tax credit for biodiesel through the end of 2022, and $1.01 credit for second-generation biofuels through 2020. By extending these credits, Congress has provided biofuels producers the certainty they need to plan for the future and invest in innovation that helps grow rural economies.
Growth Energy was pleased to join a group of industry associations in November in sending a letter to Congressional leadership asking for these credits to be extended and welcomed the great news for the biofuels industry. We applaud our champions in Congress for their continued efforts in fighting for rural America and for taking up this critical issue.