FINKENAUER LEADS LETTER SUPPORTING SECOND-GENERATION BIOFUELS TAX CREDIT
WASHINGTON, DC - Today, Congresswoman Abby Finkenauer (IA-01) led 18 members of Congress in a letter to the Ways and Means Committee Chair, Richard Neal (D-MA) supporting tax credits to grow the second-generation biofuel industry.
Producing over 500 million gallons per year, second-generation biofuels help meet the renewable fuels standard (RFS) and diversify America's low-carbon fuel supply. The previous Congress allowed tax credits to expire at the end of 2017, jeopardizing significant private investments and the future of a critical industry.
"Second-generation biofuels are good for our energy security, economy, and environment," said Finkenauer. "The industry is creating good-paying jobs in rural communities and providing an additional source of revenue for our farmers. Innovators and investors need stability to grow this industry."
The letter calls for the Ways and Means Committee to retroactively extend tax credits for second-generation biofuels and related infrastructure.
Supporters of the letter included Advanced Biofuels Business Council, the Biotechnology Innovation Organization, Grow Energy, and the Renewable Fuels Association.
“We very much appreciate the leadership demonstrated by Congresswoman Finkenauer in recognizing the importance of second-generation biofuels and alternative fuel refueling infrastructure,” said Advanced Biofuels Business Council Executive Director, Brooke Coleman. “Tax stability is imperative if we want to build out these new technologies in the United States.”
“It’s time for Congress to extend, and retroactively apply, these tax credits so we can bring certainty to the U.S. businesses working to develop advanced and cellulosic biofuels,” said Stephanie Batchelor, acting Executive Vice President of BIO’s industrial and environmental section.
“Extending the Second-Generation Biofuel Producer Tax Credit allows the biofuels industry to continue leading the way in corn kernel fiber innovation and towards cleaner and more sustainable fuel options,” said Growth Energy CEO Emily Skor. “We thank Representative Finkenauer and her colleagues for their support on this initiative and for paving the way towards future investments in green energy solutions.”
“Extending targeted tax relief for advanced biofuel production today is a down payment on clean air and a healthier planet in the future, and will pay generous environmental and economic dividends for generations to come,” said Kyle Gilley, Senior Vice President of External Affairs and Communications at POET, one of the largest producers of biorefined products.