WASHINGTON, D.C. – Growth Energy CEO Emily Skor sent a letter to House and Senate leaders on Tuesday calling on Congress to include biofuels in any potential legislation to extend expiring tax provisions at the end of the year. With the growing possibility that Congress will consider passing a tax extenders package before the 116th Congress comes to a close, Skor asked McConnell, Schumer, Pelosi, and McCarthy to consider extending the Section 40 Second Generation Biofuel Producer Tax Credit and the Section 45Q Tax Credit.
The Section 40 Second Generation Biofuel Producer Tax Credit is a credit per gallon of second-generation biofuel that, according to Skor’s letter, “provides an essential incentive for our biofuels industry to produce a low-carbon, renewable fuel which keeps our rural communities afloat”. The Section 45Q Tax Credit is a tax credit on a per-ton basis of carbon dioxide that is sequestered, encouraging ethanol plants to further reduce their carbon footprint.
“Especially during a time of depressed gasoline demand, it is imperative that we use all legislative tools available to support our businesses and infrastructure workforce,” said Skor.
Ethanol's proven environmental benefits make it a key piece of our nation's goals to decarbonize the transport sector. We look forward to working with nominee for Secretary of Energy Jennifer Granholm on the clean energy solutions she focused on in her Senate hearing. https://t.co/BsDm5so53r
.@POTUS's executive order is a reminder of the link between our climate + our economy, and we’re eager to help the Administration deliver on promises to unleash biofuels as a key solution to climate change + restore economic opportunity in rural America. growthenergy.org/2021/01/27/gro…
A new study published by researchers from Environmental Health and Engineering Inc., Harvard University and Tufts University shows corn #ethanol emits 46 percent fewer greenhouse gas (GHG) emissions than gasoline.https://t.co/fn49TbwlqL https://t.co/pIbYDv7wnz