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NBB hopeful on biodiesel tax credit

The National Biodiesel Board (NBB) is hopeful changes to the tax reform package will include the expired biodiesel tax credit.

NBB Chief Operating Officer Doug Whitehead says the industry was disappointed the biodiesel tax credit was not included in tax reform legislation signed by the President last month.

Lawmakers are expected to open the bill up because of unintentional consequences stemming from Section 199A and other tax language.

“You’re going to miss a comma.  A ‘shall’ is going to be a ‘must.’  A decimal point might be wrong, and there will be some technical corrections.  We’re really looking for something that’s non-controversial, must-pass, that we could put the all the tax extenders on.”

The tax extenders package includes credits for both biodiesel and cellulosic biofuel.

Whitehead says the soonest changes can be made to the comprehensive tax bill is February 8th.

“And the later this goes, the harder it is for investors or manufacturers of fuel to make those plans that are going to impact this year’s RVO (renewable volume obligation) and next year’s RVO.”

Whitehead made these comments during a policy outlook forum Tuesday at the Iowa Renewable Fuels Summit in Altoona, Iowa.