US Biofuel Needs Tax Credits
July 20, 2015 Taxation in USA
WASHINGTON D.C. – Manufacturers of advanced biofuels in the USA need tax credits in order to remain viable against their international competitors.
In a joint letter issued last week several US organizations involved in the research and manufacture of advanced biofuels requested the government of the USA extend tax credits previously provided such activity.
The letter claimed that the Second Generation Biofuel Producer Tax Credit, the Special Depreciation Allowance for Second Generation Biofuel Plant Property, the Biodiesel and Renewable Diesel Fuels Credit, and the Alternative Fuel and Alternative Fuel Mixture Excise Tax Credit are all invaluable to the industry.
It was added that since these credits expired earlier this year, competitors in other countries have gained a financial advantage, and have already initiated the construction of production facilities.
In the letter, the manufactures called for the tax credits to be reinstated, and applied retroactively from January 1st 2015.
The letter was signed and sent by the Advanced Ethanol Council, Advanced Biofuels Association, Algae Biomass Organization, Biotechnology Industry Organization, Growth Energy, National Biodiesel Board, and Renewable Fuels Association.
Photo By: U.S. Department of Agriculture