[March 24, 2014] |
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Biofuel Trade Organizations Ask for Extension of Advanced Biofuel Tax Incentives
WASHINGTON --(Business Wire)--
A group of biofuel trade organizations today sent a letter to Senate
Finance Committee Chairman Ron Wyden (D-Ore.) and Ranking Member Orrin
Hatch (R-Utah) encouraging extension of critical advanced biofuel tax
incentives -- the Second Generation Biofuel Producer Tax Credit, the
Special Depreciation Allowance for Second Generation Biofuel Plant
Property, the Biodiesel and Renewable Diesel Fuels Credit, and the
Alternative Fuel and Alternative Fuel Mixture Excise Tax Credit. The
trade groups signing the letter included the Advanced Ethanol Council,
Advanced Biofuels Association, Algae Biomass Organization, Biotechnology
Industry Organization, Growth Energy, National Biodiesel Board, and
Renewable Fuels Association
The letter reads, in part, "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 United States, we are
well aware of the financial constraints facing this country. However,
the United States' 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 United States, 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."
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