Finkenauer Advocates for Biodiesel Tax Credit Extension

WASHINGTON, DC – Today, Congresswoman Abby Finkenauer (IA-01) advocated for the Biodiesel Tax Credit Extension Act of 2019—which she introduced earlier this month—at a press conference in the US Capitol, joined by Iowa Senators Chuck Grassley and Joni Ernst. The bipartisan event, organized by the National Biodiesel Board in support of Finkenauer’s bill, included remarks from Senator Grassley, Senator Ernst, Congressman Dave Loebsack (D-IA), Congressman Darin LaHood (R- IL), and Congresswoman Cheri Bustos (D-IL). 

Finkenauer worked with Democrats and Republicans to develop the legislation. Producers and businesses at every stage of the biodiesel production and consumption process rely on these tax credits to plan their investments, grow their businesses, and pass on the savings to consumers. Congress had previously extended the tax credit retroactively for 2017 but left it expired for 2018 and beyond.

“This comes at a time when farm income is at its lowest point in more than a decade and farmers are bearing the brunt of ongoing trade disputes,” said Congresswoman Finkenauer.  “I came to Congress to give Iowans a seat at the table and to make sure that our government stops kicking the can down the road on issues that affect Iowa’s economy and rural communities. It’s common sense and I was glad to work with my Republican colleagues on this important issue.”

“The National Biodiesel Board and its member companies thank Congresswoman Abby Finkenauer for her leadership in making the biodiesel tax incentive a priority for this Congress,” said Donnell Rehagen, CEO of the National Biodiesel Board. “The biodiesel industry supports more than 60,000 jobs across the United States; those workers are counting on Congresswoman Finkenauer to succeed and renew the tax incentive as quickly as possible.”

Biodiesel production supports over 60,000 jobs across the United States and generates an economic impact of over $11 billion. A low carbon source of energy, biodiesel is good for the environment and is a crucial part of a green economy.