House passage of the American Jobs and Closing Tax Loopholes Act Friday means the first step in extending the biodiesel tax incentive to the end of the year is complete. The National Biodiesel Board and American Soybean Association are pleased with the bill's passage.
NBB Vice President of Federal Affairs Manning Feraci says the biodiesel industry has created tens of thousands of green jobs, added $4.1 billion to the nation's GDP, and generated $828 million in tax revenue for federal, state and local governments since the tax incentive's inception six years ago. He says reinstatement of the incentive will reverse the troubling trend of thousands of lost jobs and closed plants and allow the industry to create more than 12,000 new jobs this year. ASA President Rob Joslin says the extension is long overdue.
The biodiesel tax incentive makes the price of biodiesel competitive with the diesel fuel produced by petroleum companies. Feraci notes there are compelling economic, energy security and environmental benefits associated with displacing petroleum with clean-burning, domestically produced biodiesel.
Both NBB and ASA are urging the Senate to act swiftly upon their return from the Memorial Day recess and extend this effective public policy.