Biobased and Renewable Products News: Tax

November 10, 2017
Senators Re-Introduce Bipartisan Bill To Extend MLP Benefits To Renewables
On October 25, 2017, bipartisan legislation aimed at leveling the playing field between renewable and fossil fuels was re-introduced in the Senate and House of Representatives.  Senator Chris Coons (D-DE), along with eight bipartisan co-sponsors, introduced the Master Limited Partnerships Parity Act (S. 2005) in the Senate.  Representative Ted Poe (R-TX), along with six co-sponsors, introduced similar legislation (H.R. 4118) in the House.  The legislation would allow investors in a range of clean energy projects, including renewable fuels, access to a corporate structure whose ... read more >
November 3, 2017
Senators Introduce Bipartisan Bill To Establish Renewable Chemicals Tax Credit
On October 18, 2017, Senator Debbie Stabenow (D-MI) introduced to the Senate the Renewable Chemicals Act of 2017 (S. 1980), which aims to establish a short-term tax credit for the production of renewable chemicals and for investment in renewable chemical production facilities.  If enacted, the legislation would allow taxpayers to claim a production credit equal to $0.15 per pound of biobased content of each renewable chemical produced.  In lieu of the production credit, taxpayers would be able to claim an investment credit equal to 30 percent of the basis of any eligible property ... read more >
September 22, 2017
New York Governor Signs Bill On Bioheating Fuel Requirements
The National Biodiesel Board (NBB) announced that on September 13, 2017, New York Governor Andrew Cuomo signed legislation that introduces bioheating fuel tax credits and bioheating fuel tax requirements to three New York counties.  The bill (S5422A) requires all home heating oil sold for use in Nassau, Suffolk, and Westchester counties on or after July 1, 2018, to contain at least five percent biodiesel (B5).  Assemblyman Steve Englebright and Senator Phil Boyle sponsored the bill, which received broad support from a range of industry and environmental advocates.  New York ... read more >
July 14, 2017
Bipartisan Renewable Chemicals Bill Introduced In The House
On June 29, 2017, Representatives Bill Pascrell (D-NJ), Ryan Costello (R-PA), Brian Fitzpatrick (R-PA), and Linda Sánchez (D-CA) introduced the Renewable Chemicals Act of 2017 to the House.  If enacted, the legislation would create a targeted, short-term tax credit for the production of qualifying renewable chemicals from biomass and for investments in renewable chemical production facilities.  The tax credit would be provided based on job creation, innovation, environmental benefits, commercial viability, and contribution to U.S. energy independence.  Numerous industry ... read more >
June 30, 2017
NBB Meets With Congress On Biodiesel Tax Incentive
On June 20, 2017, the National Biodiesel Board (NBB) announced that nearly 100 biodiesel advocates from across the country visited Capitol Hill to urge Congress to bring back the biodiesel tax incentive as proposed in both chambers of Congress.  Industry participants consisted of biodiesel producers, distributors, and feedstock suppliers from over 24 states.  According to Anne Steckel, the Vice President of Federal Affairs at NBB, the bipartisan biodiesel tax incentive should be reinstated since it helps support tens of thousands of jobs nationwide and the proposed reforms address ... read more >
May 12, 2017
Senate Finance Committee Introduces Clean Energy For America Act
On May 5, 2017, Senator Ron Wyden (D-OR) introduced to the Senate Finance Committee legislation focused on reducing carbon pollution over the next decade by incentivizing clean energy and promoting new technologies in the private sector.  The Clean Energy for America Act, which was co-sponsored by 21 Democratic Senators, provides a simplified set of long-term, performance-based energy tax incentives to promote clean energy production and storage.  The legislation would create a technology-neutral incentive for the domestic production of renewable transportation fuels based on the ... read more >
May 5, 2017
Bipartisan Bill Introduced To Reform The Biodiesel Tax Credit
On April 26, 2017, a bipartisan bill was introduced in the U.S. Senate to reform the biodiesel tax credit and extend the new policy for three years.  The American Renewable Fuel and Job Creation Act of 2017, which was sponsored by Senator Chuck Grassley (R-IA), Senator Maria Cantwell (D-WA), and 14 other senators, transfers the $1 gallon tax credit from the blenders to the producers of biofuels to ensure that it incentivizes domestic production.  The bill also provides an additional $0.10 gallon credit for small biodiesel producers in the United States.  According to a ... read more >
April 28, 2017
IRFA Concerned By Bill To Cap Iowa Biofuel Tax Credits
On April 13, 2017, the Iowa Renewable Fuels Association (IRFA) released a statement regarding the passage of a bill, HSB 187, by the Iowa House Appropriations Committee that would cut the value of the Iowa biofuels tax credits and complicate the mechanism for receiving the credit.  According to the bill, the value of the tax credits would be determined based on annual sales, and the amount of the credits would be capped on an annual, statewide basis.  The purpose of the biofuels tax credits was to incentivize consumers to purchase higher blends of ethanol and biodiesel, such as E15, ... read more >
April 21, 2017
IBB Announces Higher Blend Biofuels Dominate in Iowa
On April 4, 2017, the Iowa Biodiesel Board (IBB) announced that the Iowa Department of Revenue’s 2016 Retailers Fuel Gallons Annual Report demonstrated that more than half of Iowa’s fuel retailers carried biodiesel blends in 2016.  In 2016, 344.8 million gallons of on-road biodiesel blends were sold, which accounts for 54.7 percent of total on-road diesel fuel sales.  The report also showed that twice as many gallons of 11 - 20 percent biodiesel (B11-B20) were sold compared to lower blends.  IBB credits the growth in the use of higher biodiesel blends to ... read more >
February 17, 2017
Illinois State Senators Introduce Legislation To Boost Biobased Economy
On February 9, 2017, Illinois State Senators Andy Manar and Chapin Rose introduced legislation aimed at growing Illinois’ biobased economy by providing incentives under the Renewable Chemical Production Tax Credit Program Act.  The program would provide credit against taxes for eligible Illinois businesses that produce renewable chemicals within the state using biomass feedstock and other renewable sources.  The legislation defines a renewable chemical as a building block with a biobased content of at least 50 percent.  According to the legislation, eligible businesses ... read more >
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