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Co-sponsors sought for biodiesel tax credit extension in USA
Sep. 30, 2016
The biodiesel tax credit expires at the end of this year and more Congressional sponsors are needed for the extension bill to pass.
The American Soybean Association (ASA) joined over 50 organizations and industries in supporting a letter to Congress to act on extending the tax provisions. The bills would allow the biodiesel tax credit to continue through 2019 and becomes a production credit from a blender’s credit to promote domestic biodiesel production.
ASA also wants to increase the numbers of co-sponsors on the House and Senate marker bills. For this to happen, growers must contact their members in the House to urge them to co-sponsor HR 5240 and to contact their members in the Senate to cosponsor S.B. 3188.
The House bill was introduced by Reps. Kristi Noem (R-ND) and Bill Pascrell (D-NJ). The Senate bill was introduced by Sens. Chuck Grassley (R-IA) and Maria Cantwell (D-WA).
There are already 15 co-sponsors for the Senate bill as well as 15 co-sponsors of the House bill. ASA wants to increase the number of co-sponsors, especially in the House, to at least match and hopefully exceed the 35 House members who have co-sponsored biodiesel tax credit legislation in previous years.
Source: The American Soybean Association
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