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March 10, 2010
NBB Hails Senate Passage of Biodiesel Tax Incentive
Industry Urges House and Senate to Quickly Reconcile Respective Bills
WASHINGTON, DC - - Today, the National Biodiesel Board (NBB) praised the U.S. Senate for passing H.R. 4213, the American Workers, State, and Business Relief Act of 2010 by a 62 to
36 margin . Among its provisions, the legislation provides a one year retroactive extension of the
biodiesel tax incentive.
“The domestic biodiesel industry is pleased that that the Senate has approved a retroactive extension of the biodiesel tax incentive,” noted Manning Feraci, NBB Vice President of Federal
Affairs. “The lapse in the biodiesel tax credit has been extremely disruptive to the domestic
biodiesel industry, and a retroactive extension of this worthwhile incentive will help America
realize the job creation, energy security and environmental benefits associated with biodiesel.”
The biodiesel tax incentive has played a critical role in allowing the U.S. to achieve commercial scale production of biodiesel, an advanced biofuel that meets a commercial fuel specification and
is used to displace petroleum diesel fuel. This incentive is designed to make biodiesel price
competitive with conventional diesel fuel, and is structured in a manner that allows the value of
the incentive to be recognized immediately in the market price of the biodiesel. Since the lapse in
the tax credit, the US biodiesel industry has seen a dramatic drop in demand and production,
leading to additional job losses in this difficult economy. The 23,000 jobs currently supported by
the U.S. biodiesel industry are in jeopardy if the incentive continues to lapse.
With passage of H.R. 4213, the U.S. House and U.S. Senate must reconcile the differences between the two versions of the bill approved by the respective chambers. H.R. 4213 as
approved by the U.S. House in December, 2009 also provides for a one year retroactive
extension of the biodiesel tax incentive.
“The NBB strongly encourages House and Senate to work quickly and get legislation
retroactively extending the biodiesel incentive to the President’s desk for signature. Quick action
will allow the nation to again reap the substantial benefits associated with a healthy domestic
biodiesel industry,” concluded Feraci.
The NBB is the national trade association of the biodiesel industry and is the coordinating body
for biodiesel research and development in the U.S. NBB’s membership is comprised of biodiesel
producers and marketers; state, national, and international feedstock and feedstock processor
organizations; and technology providers.
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Additional information about biodiesel is available online at www.biodiesel.org
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