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Renewable Fuels Association welcomes tax extenders in omnibus COVID package

The CEO of the Renewable Fuels Association welcomes the extension of several tax provisions in the Omnibus Appropriations and Coronavirus Relief Package.

Geoff Cooper tells Brownfield these credits will help support the expansion of the renewable fuels industry.

And specifically, Congress extended the Second Generation Biofuel Producer Tax Credit, and that provides $1.01 per-gallon. It’s an income tax credit for second-generation biofuel sales.”

He says that would include ethanol produced from corn kernel fiber and other crop residues.

The bill passed by Congress also extends the Alternative Fuel Refueling Property Credit.

“Which provides up to a $30,000 tax credit to retailers for putting in dispensers capable of dispensing alternative fuels including higher ethanol blends, higher biodiesel blends, and other biofuel blends.”

Cooper says while the industry would prefer multi-year certainty for key tax provisions, RFA is pleased to see these important credits extended for another year.

The omnibus and COVID relief package is awaiting President Trump’s signature, but Trump is demanding changes to the bill before signing it.