During a hearing Wednesday, representatives of the U.S. biodiesel industry urged the Senate to pass a seamless extension of the biodiesel tax incentive to avoid putting thousands of jobs at risk. Anne Steckel, vice president of federal affairs at the National Biodiesel Board, said – this tax incentive is a job creator, and Congress will be putting jobs in jeopardy if it adjourns without passing an extension.
Steckel pointed out that – our industry’s numbers speak for themselves. We’re on track to nearly triple our production from last year, and that translates directly into jobs and productivity. Cardno ENTRIX, an international economics consulting firm, reports that the increased production will support more than 31-thousand jobs this year while generating at least 3-billion dollars in Gross Domestic Product and 628-million in federal, state and local tax revenues. The one-dollar per-gallon biodiesel tax credit is slated to expire on December 31. Bipartisan legislation has been introduced in the House and Senate to extend it for three years. Wednesday’s hearing on alternative energy tax incentives was held by the Senate Finance Committee’s Subcommittee on Energy, Natural Resources, and Infrastructure.