A bipartisan bill was introduced in the U.S. House of Representatives July 18 to extend the $1 per gallon biodiesel blenders tax credit, which is set to expire at the end of 2024.
HR 9060 was introduced by Reps. Mike Carey, R-Ohio; Ann Kuster, D-New Hampshire; Claudia Tenney, R-New York; and Mariannette Miller-Meeks, R-Iowa.
The Sustainable Advanced Biofuel Refiners Coalition (SABR), a coalition of stakeholders that have invested in building out America’s first advanced biofuel—biodiesel, applauded the bipartisan group of lawmakers working to extend the biodiesel blenders tax credit.
“This year marks the 20th anniversary of its enactment. The program has been highly successful in stimulating private investment in the current $17 billion industry that is producing green fuel and green jobs in rural and underserved communities,” said SABR CEO Joe Jobe.
“Biodiesel is the lowest cost, lowest-carbon heavy-duty biofuel, but biodiesel is currently in an inflection point that is seeing previous investment to decarbonize the ground transportation sector dramatically undermined when we need it the most,” he added.
Jobe said SABR would prefer biodiesel blenders credit only applied to U.S. producers.
“But the current BTC offers an agriculture- and climate-friendly solution during this transitional time. SABR will work with policymakers and anyone else to direct U.S. investment in carbon reduction in a way that benefits U.S. industries, U.S. taxpayers, and U.S. truckers and farmers,” he explained.
“Biodiesel is the most cost-effective means to reduce greenhouse gas (GHG) emissions from medium- and heavy-duty vehicles, providing numerous economic, environmental and energy-security benefits,” SABR shared in a statement.
SABR includes more than 50 organizational members representing every link in the value chain from feedstock growers to biodiesel producers, distributors, retailers and consumers, as well as infrastructure and products and services suppliers.
Originally shared by Biobased Diesel Daily, July 23, 2024. Article and title modified for clarity and purpose July 23, 2024.