BIO Submits Comments to House Ways and Means on Expired Tax Provisions
BIO submitted a statement for the record to the United States House of Representatives Committee on Ways and Means Tax Policy Subcommittee hearing, Post Tax Reform Evaluation of Recently Expired Tax Provisions.
The biofuel tax provisions that expired at the end of 2016 were extended retroactively for 2017. The Second-Generation Biofuel Producer Tax Credit (PTC), the Special Depreciation Allowance for Second Generation Biofuel Plant Property, the Biodiesel and Renewable Diesel Fuels Credit, and the Alternative Fuel Vehicle Refueling Property Credit are critical to BIO’s IES members.
While BIO is grateful the provisions were extended through 2017, the short-term extension creates greater uncertainty for the industry and investors, jeopardizing long-term investments necessary for the development of advanced and cellulosic biofuels. BIO encourages Congress to advance a multi-year extension of advanced biofuel tax.