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NBB Thanks Senators, Representatives for Proposing Biodiesel Tax Credit Extension

May 25, 2021, 2:31 PM
Extension will ensure biodiesel and renewable diesel grow to meet America’s low-carbon, clean energy goals

WASHINGTON, DC – The National Biodiesel Board and its members thank Sens. Chuck Grassley (R-IA) and Maria Cantwell (D-WA) and Reps. Cindy Axne (D-IA) and Mike Kelly (R-PA) for introducing the Biodiesel Tax Credit Extension Act of 2021, bipartisan legislation to extend the biodiesel tax credit through 2025. The bill introduced in both the U.S. Senate and House today would provide the biodiesel and renewable diesel industry certainty for an additional three years, supporting continued growth in U.S. production of better, cleaner fuels that are reducing carbon emissions now and boosting rural economies.

“As Congress looks to jumpstart economic growth, rebuild infrastructure and reduce carbon emissions, they can count on biodiesel and renewable diesel to help achieve those goals. Biodiesel production is supporting economic opportunities and job creation in rural communities across the country,” says Kurt Kovarik, NBB Vice President of Federal Affairs. “NBB’s members sincerely thank Senators Grassley and Cantwell and Representatives Axne and Kelly, along with the 27 original cosponsors.”

“The biodiesel tax credit continues to be extremely successful in expanding consumer access to clean, low-carbon fuels. Biodiesel and renewable diesel are on average 74% less carbon intensive than petroleum diesel and have cut more than 140 million tons of carbon emissions since 2010. Moreover, these cleaner, better fuels substantially cut emissions of particulate matter that impact cancer rates, asthma and other respiratory diseases, as well as the associated healthcare costs,” Kovarik adds.

The U.S. biodiesel and renewable diesel industry supports 65,000 U.S. jobs and more than $17 billion in economic activity each year. Every 100 million gallons of production supports 3,200 jobs and $780 million in economic opportunity. Biodiesel production supports approximately 13 percent of the value of each U.S. bushel of soybeans.

Made from an increasingly diverse mix of resources such as recycled cooking oil, soybean oil and animal fats, biodiesel and renewable diesel are better, cleaner fuels that are available now for use in existing diesel engines without modification. NBB is the U.S. trade association representing the entire biodiesel and renewable diesel value chain, including producers, feedstock suppliers, and fuel distributors.

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