NBB: No Long-Term Biodiesel Tax Extension this Year

December 16th, 2009 by BioFuel Forum

USCapitol The National Biodiesel Board seems to be conceding defeat for a long-term extension of the the biodiesel blender tax credit … but the group seems to be holding out hope for a one-year extension of the incentive set to expire after Dec. 31, 2009.

The U.S. House has already passed the tax extender package in H.R. 4213, which included a one-year extension of the biodiesel blender tax credit. Biodiesel Magazine reports now they have to get the Senate to agree:

“In terms of the five-year tax extension that would also alter the credit from a production excise credit to a producer credit, it is clear that due to the legislative calendar and the priorities currently facing Congress—healthcare being front and center—that legislation (S.1589 and HR 4070) will not be voted on this year,” [Michael C. Frohlich, Director of Communications for the National Biodiesel Board’s Washington, D.C., office] said. “Therefore, the NBB has decided to endorse the one-year extension as to ensure that the tax credit does not expire, and will continue to work towards a multiyear producer credit in the future.”

So far, the measure has been referred to the U.S. Senate where it was received and read twice, then referred to the Committee on Finance.