The American Soybean Association (ASA) today thanks Congress and our soybean industry champions for all of their efforts that have resulted in the introduction of a tax package that includes a multiyear biodiesel tax incentive extension that could help bring a measure of certainty soy growers have sought for over two years.
If passed, the credit would be extended at $1 per-gallon for five years covering 2018-22, retroactive to Dec. 31, 2017 through Dec. 31, 2022. The biodiesel tax incentive lapsed in December 2017, and the industry has faced nearly two years of uncertainty. ASA has worked closely with the National Biodiesel Board (NBB) to advocate for a multiyear extension of the biodiesel tax credit before the end of 2019.
“Soy growers have faced several obstacles over the past two years-a down farm economy, a trade war, lapsed tax credits and biodiesel plants closing across the country,” said Rob Shaffer, ASA director and chair of the organization’s Biodiesel and Infrastructure Committee, who also serves on NBB. “ASA is grateful to Congress for its support of the tax credit-which will help expand markets for soybean growers during an unsteady time. And I appreciate each of the soy growers and biodiesel industry partners who took time out of their fields to advocate passing this incentive before the end of the year.”