LaHood cosponsors bill to extend biodiesel tax credit

U.S. Rep. Darin LaHood (R-IL) continued his show of support for the biodiesel industry by helping to introduce legislation this month that would extend the biodiesel tax credit for two years.

“In central and west-central Illinois, our rural communities have seen the benefits of biodiesel’s success through expanded job opportunities and increased markets to sell their products,” said Rep. LaHood, a member of the House Ways and Means Committee.

LaHood is an original cosponsor of the Biodiesel Tax Credit Extension Act of 2019, H.R. 2089, a bill that was sponsored by U.S. Rep. Abby Finkenauer (D-IA) on April 4. The bill states it would amend the Internal Revenue Code of 1986 to extend for two years tax credits for biodiesel and renewable diesel.

“It’s critical we find a long-term solution for the biodiesel tax credit, but this bill takes an important step by providing short-term certainty for our farmers and I am proud to join my colleagues to introduce this bill,” LaHood said.

LaHood took part in sending a February letter to House leadership with more than 40 other members that said they strongly supported a multi-year extension of the biodiesel tax credit because it would provide the policy certainty needed to help the biodiesel industry and rural economies grow.

The Bipartisan Budget Act of 2018 had retroactively extended the biodiesel tax incentive for 2017 but left it expired for 2018 and beyond, creating uncertainty for biodiesel blender, producers, truck drivers, consumers and farmers, the letter said.