IRFA Praises Passage of Cellulosic, Biodiesel Tax Credit Extension, Remains Hopeful for More Certainty in 2015
December 17, 2014
Press Contact: T.J. Page
IRFA: “We urge the next Congress to act swiftly to extend these important provisions for 2015”
JOHNSTON, IOWA – Following the passage of a retroactive extension of the federal tax credits for cellulosic ethanol and biodiesel, the Iowa Renewable Fuels Association (IRFA) today praised Congress for extending these vital programs, and urged the next Congress to act swiftly in extending the provisions for 2015.
“While we greatly appreciate the retroactive extension of these tax credits that are vital to the production of cleaner-burning advanced biofuels for 2014, in only a matter of days they will lapse once again,” stated IRFA Executive Director Monte Shaw. “We urge the next Congress to act swiftly to extend these important provisions for 2015 to provide the policy certainty necessary for advanced biofuel producers to continue building upon the air quality and energy security progress achieved to date. The cloud of uncertainty for 2015 only grows darker when you factor in EPA inaction on the Renewable Fuel Standard and the upcoming 102nd birthday for permanent federal tax subsidies for petroleum products.”
Last night, the Senate passed a tax extenders package by a vote of 76 – 16 that includes the retroactive extension of the cellulosic and biodiesel tax credits for 2014. On December 3, the House approved the same extenders package by a vote of 378 – 46.
Iowa is the nation’s leader in renewable fuels production. Iowa has 43 ethanol refineries capable of producing more than 3.8 billion gallons annually, including 22 million gallons of annual cellulosic ethanol production capacity and one cellulosic ethanol facility currently under construction. In addition, Iowa has 12 biodiesel facilities with the capacity to produce nearly 315 million gallons annually.
The Iowa Renewable Fuels Association was formed in 2002 to represent the state’s liquid renewable fuels industry. The trade group fosters the development and growth of the renewable fuels industry in Iowa through education, promotion, legislation and infrastructure development.