News

National Biodiesel Board celebrates biodiesel tax credit renewal

The National Biodiesel Board Conference kicked off this morning and attendees are upbeat about the multiyear renewal of the biodiesel tax incentive.  

Kurt Kovarik, vice president of federal affairs for the National Biodiesel Board, says the renewal of the tax credit is a huge win for the industry.

“The industry hasn’t had a prospective tax credit for that duration since it was first put in place in 2005,” he says. “We’ve tried to convey to Congress that in order for the tax incentive to do what they want, achieve the policy objectives they want, it needs to be put in place prospectively so people can count on it.”

The credit will be available for biodiesel blenders for 2018 through 2022. Kovarik says this will provide policy certainty.

“The theme that I heard last night throughout our membership at the welcome reception was just giddiness over what they can do now business wise with the certainty of the three years,” he says.

NBB is unveiling its vision for the coming years at the National Biodiesel Conference.

Audio: Kurt Kovarik, National Biodiesel Board