Biodiesel Tax Credit Extension, Phaseout Proposed in US House

Chairman of the House ways and means committee Rep. Kevin Brady, R-Texas, released a proposal Nov. 26 to make technical corrections to the Tax Cuts and Jobs Act (PL 115-97) and to extend several expired tax credits, including the biodiesel and renewable diesel tax incentive. The National Biodiesel Board welcomed the proposal for a multiyear extension of this important incentive, which would keep the credit at its current rate of $1 per gallon for 2018 through 2021 but gradually reduce it to 33 cents per gallon by 2024 and then allow it to expire.