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Agricultural News


Growth Energy Calls on Congress to Extend Tax Provisions for Biofuels

Thu, 17 Dec 2020 07:34:39 CST

Growth Energy Calls on Congress to Extend Tax Provisions for Biofuels Growth Energy CEO Emily Skor sent a letter to House and Senate leaders on Tuesday calling on Congress to include biofuels in any potential legislation to extend expiring tax provisions at the end of the year. With the growing possibility that Congress will consider passing a tax extenders package before the 116th Congress comes to a close, Skor asked McConnell, Schumer, Pelosi, and McCarthy to consider extending the Section 40 Second Generation Biofuel Producer Tax Credit and the Section 45Q Tax Credit.

The Section 40 Second Generation Biofuel Producer Tax Credit is a credit per gallon of second-generation biofuel that, according to Skor’s letter, “provides an essential incentive for our biofuels industry to produce a low-carbon, renewable fuel which keeps our rural communities afloat”. The Section 45Q Tax Credit is a tax credit on a per-ton basis of carbon dioxide that is sequestered, encouraging ethanol plants to further reduce their carbon footprint.

“Especially during a time of depressed gasoline demand, it is imperative that we use all legislative tools available to support our businesses and infrastructure workforce,” said Skor.

You can read the full letter here Or below:

December 15, 2020

The Honorable Mitch McConnell                         The Honorable Nancy Pelosi
Majority Leader                                                     Speaker of the House of Representatives
United States Senate                                            United States Capitol
Washington, DC 20515                                         Washington, DC 20515

The Honorable Charles Schumer                         The Honorable Kevin McCarthy
Minority Leader                                                      Minority Leader
United States Senate                                             United States Capitol
Washington, DC 20515                                         Washington, DC 20515

Dear House and Senate Leadership,

As you contemplate the possibility of extending expiring tax provisions by the end of the 116th Congress, we hope you will include two provisions which will provide much-needed assistance to the biofuels industry, a hard-hit sector of our rural economy, by extending the Section 40 Second Generation Biofuel Producer Tax Credit and the Section 45Q Tax Credit.

Growth Energy is the world’s largest association of biofuel producers representing 89 U.S. plants that produce more than 7.5 billion gallons of cleaner-burning, renewable fuel annually; 96 businesses associated with the production process; and tens of thousands of biofuel supporters across the country. Together, we are working to bring better and more affordable choices at the fuel pump, improve air quality, and protect the environment for future generations.

The Second Generation Biofuel Producer Tax Credit, a $1.01 credit per gallon of second generation biofuel and set to expire at the end of December 2020, provides an essential incentive for our biofuels industry to produce a low-carbon, renewable fuel which keeps our rural communities afloat. Especially during a time of depressed gasoline demand, it is imperative that we use all legislative tools available to support our businesses and infrastructure workforce.

Section 45Q is a tax credit on a per-ton basis of carbon dioxide that is sequestered. Ethanol plants are continuing to explore technological methods to further reduce their carbon footprint, and the Section 45Q tax credit is a key component to encouraging these advancements. While 45Q was significantly enhanced in 2018 legislation, the lengthy delay in obtaining regulations from the Internal Revenue Service has chilled investment in this important incentive and an extension in the begin construction deadline would provide investors with greater confidence.

We look forward to working with you on supporting tax policies which help our hard-hit rural economies.

Sincerely,


Emily Skor
CEO, Growth Energy

   

 

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