Noem Introduces Bi-Partisan Biodiesel Tax Credit Extension
WASHINGTON, D.C. – Representatives Kristi Noem (R-SD) and Bill Pascrell, Jr. (D-NJ) today introduced the Biodiesel Tax Incentive Reform and Extension Act of 2015. This bipartisan legislation would ensure that domestically-produced biodiesel be given a $1-per-gallon tax credit through the end of 2016.
“Today, one-third of petroleum used in the United States is imported from foreign countries and most of it is used to fuel our vehicles,” said Rep. Noem. “Especially with conflicts arising in energy-rich areas of our world, the need to decrease our reliance on foreign fuels grows every single day. A commitment to renewable fuels, like biodiesel which can be grown right here in America, is critical as we look to improve our security by becoming more energy independent. By putting our support behind homegrown fuels, we are taking strides toward increased security while also enabling states like South Dakota to fuel our nation.”
“To fuel our future and improve our air quality, we need to invest in alternative fuel sources. This bill supports that goal and also promotes domestic industry. This will help us take things like food waste and turn it into usable fuel. And biodiesel reduces emissions to the tune of 16 million metric tons per year,” Pascrell said. “That’s like taking 3.6 million cars off the roads every year. In North Jersey’s rush-hour traffic, we call that a ‘no-brainer’. This is a smart incentive and a smart investment in domestic biodiesel.”
The biodiesel tax credit expired on December 31, 2014. The Noem-Pascrell legislation would extend the credit retroactively for 2015 as well as fully renew and reform it for 2016.
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