The Senate Finance Committee has approved a bipartisan tax package that includes an extension of the now-expired biodiesel tax incentive. Anne Steckel – Vice President of Federal Affairs for the National Biodiesel Board – says the biodiesel tax incentive is a proven job creator. She notes growth in the biodiesel industry has been stagnant since the incentive expired on December 31st. Reinstating it – she says – will get biodiesel producers across the country back to expanding their businesses and hiring new employees. The measure also includes the Producer Tax Credit for cellulosic biofuels and accelerated depreciation for cellulosic biorefineries – incentives due to expire at the end of the year. Advanced Ethanol Council Executive Director Brooke Coleman says the strong, bipartisan vote sends a strong signal to the marketplace that Congress understands the urgent need to address these expiring credits and maintain stability in the marketplace for emerging industries.

The AEC would like to see the incentives extended as soon as possible. NBB would as well. They are calling on the full Senate to quickly pass the package – and for the House to follow suit so biodiesel producers can get the certainty they need to begin hiring again.

The biodiesel tax incentive was allowed to expire at the end of 2010 as well. Once it was reinstated in 2011 – NBB says the biodiesel industry grew rapidly and set a new production record of nearly 1.1-billion gallons – supporting more than 39-thosand jobs across the country.