Rehagen: producers should see impact of biodiesel tax credit soon

National Biodiesel Board CEO Donnell Rehagen says producers could see the impact of the renewal of the biodiesel tax credit soon.

“The IRS has released the guidelines for applications just this last week I believe so producers should be working on that to get those forms in to the IRS and our understanding is in 60-90 days they should be seeing refund checks,” he says. “So, hopefully that will start putting them back in a good position to make forward-looking decisions.”

He says the biodiesel tax credit could also help biofuel plants that closed or idled last year.  

“There were a lot of factors last year that led to those closures- small refinery exemption waivers being one of them and the absence of the tax credit just strapped a lot of them for cash,” he says. “So getting the tax incentive back in place, allowing them to apply for the refunds they’re owed, and getting the cash back in is really going to be number one.”

Rehagen spoke to media at the National Biodiesel Board Conference and Expo in Tampa, Florida.

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