Yesterday, we heard Senator Chuck Grassley?s comments on ethanol and the Renewable Volume Obligation (RVO) from the Environmental Protection Agency (EPA). Today, we will focus on the Senator?s comments on biodiesel tax credits.
Iowa Senator Chuck Grassley addressed concerns on a tax credit extension for the biodiesel industry. Grassley says he has been in close contact with Ways and Means Committee Chairman Rep. Kevin Brady (R-TX 8th). Brady?s plan calls for an eventual phase-out of the tax credit.
Grassley says the plan calls for a four-year extension of the current tax credit, until 2021. Then, there would be a four-year reduction of the credit ending in 2025.
Grassley is confident biodiesel will be able to go forward without the tax credit, much like solar and wind did.
Grassley reminds us just because this Congress makes this decision, it doesn?t make it binding for future Congresses.
