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RFA asks that biofuels credits be extended

Renewable Fuels Association president Bob Dineen has sent a letter to the chairs and ranking members of the House Ways and Means Committee and the Senate Finance Committee asking that Congress extend several tax incentives for the biofuels industry. Specifically the Second Generation Biofuel Producer Tax Credit PTC), the Second Generation Biofuel Plant Depreciation Allowance and the Alternative Fuel Vehicle Refueling Property Credit.

The letter stresses the need to continue the tax credits and depreciation allowance as many of the advanced biofuel facilities in the final stages of development were financed with the expectation the tax credit would be available. The credit is also essential to those biorefineries which are adding systems to capture and process advanced and cellulosic feedstocks.

The letter also cites the need for the Alternative Fuel Vehicle Refueling Property Credit to assist in the expansion of infrastructure to support growing supplies of renewable fuels. It would help retailers make the necessary improvements to their infrastructure to provide more fuel choices at the pump.

The credits are set to expire at the end of the year and are not included in the bi-partisan budget package passed by the House last week.

Read a copy of the letter here: