Finkenauer Statement on Inclusion of Biodiesel Tax Credit Extension in Key Legislation
WASHINGTON, DC – Today, Congresswoman Abby Finkenauer (IA-01) released the following statement on the inclusion of a five-year biodiesel tax credit extension in the year-end tax extenders legislative package:
"From day one, I have worked across the aisle to get this done for our district and state. From passing legislation through committee, to holding hearings with biodiesel producers testifying, it has been a bipartisan effort to get here.
While today is a good day for an industry that has been dealt so many unnecessary blows, we should have passed this earlier in the year so our biodiesel producers had the certainty they need to make investments and move the industry forward. No one should have to make plans for closures and layoffs because of Congress failing to do its job.
I will keep fighting for our farmers, rural small business owners, and state to ensure we do not see this type of damage again with a common sense tax credit that helps Iowa’s biofuels industry grow and helps employ hard-working Iowa families."
Finkenauer’s Work on Extending Biodiesel Tax Credit
Monday, Finkenauer also offered an amendment to H.R. 5377 This is part of her efforts to make sure the biodiesel tax credit is extended before the end of the year.
- Finkenauer Introduces Bipartisan Extension of Biodiesel Tax Credit (04/04/2019)
- Finkenauer Advocates for Biodiesel Tax Credit Extension (05/01/2019)
- Finkenauer Secures Biodiesel Tax Credit in Ways & Means Package (06/20/2019)
- Finkenauer Invites Iowan Biodiesel Producer to Hearing on Clean Energy Jobs (09/10/2019)
- Finkenauer and Horn Lead Letter to Leadership Urging Extension of Key Biofuels Tax Incentives (11/06/2019)
Congress had previously extended the tax credit retroactively for 2017, but left it expired for 2018 and beyond. This year, Finkenauer was joined by Senators Grassley and Ernst, as well as industry leaders, at a press conference supporting the legislation. Finkenauer testified before the Ways and Means Committee earlier this year, sharing the stories of Iowa producers and businesses that would benefit from the legislation.
Reaction to Extending Biodiesel Tax Credit Extension
Iowa Renewable Fuels Association Executive Director Monte Shaw said, “We thank Congresswoman Finkenauer for impressing upon House leadership the importance of the biodiesel tax credit to supporting rural jobs and robust ag markets. She worked diligently drum up support among House members and to ensure the tax credit was a priority for the House leaders. Her efforts played an important role in securing today's great news for farmers and biofuels producers.”
Kurt Kovarik, vice-president of federal affairs at National Biodiesel Board said, "On behalf of NBB members, I’d like to thank Senator Chuck Grassley and Representative Abby Finkenauer as well as many other senators and representatives from both sides of the aisle for their strong and consistent championship of our industry.”
David Fialkov, VP of government affairs for the National Association of Truckstop Operators said, “Congresswoman Finkenauer’s leadership was absolutely essential to ensuring the biodiesel tax credit would be extended for multiple years. Throughout 2019 it has been clear that the entire biofuels community has a real champion in Representative Finkenauer. Without her and her first-rate staff the biodiesel tax credit would have been in serious jeopardy. The entire retail fuels industry is extraordinarily grateful to Congresswoman Finkenauer.”
"The biodiesel tax credit helps Road Ranger bring to market cleaner burning fuels that support the local Iowa economy while also bringing down prices for our customers," said R.J. Rymas, Vice President of Fuels for Road Ranger Truck Stops and Travel Centers. "It is a win-win for us. We are very grateful for Congresswoman Finkenauer’s efforts that led the House to pass legislation that includes this important policy."
“We are grateful to Congresswoman Finkenauer for her efforts to include the biodiesel tax credit in the year-end spending package,” said Douglas Beech, Legal Counsel and Director of Government Relations at Casey's General Stores. “Fuel retailers like Casey’s have made investments in biofuel infrastructure for many years because it good for the environment, our farmers and rural communities. We appreciate the recognition by Congresswoman Finkenauer that the biodiesel tax credit has helped us become more energy independent, environmentally friendly, and also to offer competitive fuel prices to our customers.”