Biofuel Trades Letter to Senate Finance Re Extension of Expired Advanced Biofuels Tax Credit
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RE: Extension of Expired Advanced Biofuels Tax Credits</div>
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Dear Chairman Wyden and Ranking Member Hatch:</div>
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As the Senate Finance Committee begins its work on tax extenders, we encourage you to extend the suite of critical advanced biofuels 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.</div>
Dear Chairman Wyden and Ranking Member Hatch:
As the Senate Finance Committee begins its work on tax extenders, we encourage you to extend the suite of critical advanced biofuels 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.
These credits expired on December 31, 2013, leaving advanced biofuel developers in limbo as Congress debates whether to extend these important provisions. These credits are vital to the ongoing development of the advanced biofuels industry. To ensure stability in the marketplace, Congress should extend these provisions for multiple years, and make them retroactive to the beginning of the year.
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.