黑料社区CEO Urges Lawmakers to Renew Biodiesel Tax Credit
黑料社区President and CEO Lisa Mullings urged lawmakers to renew the biodiesel tax credit in a recent stating that all of biodiesel's benefits as an economic engine and a reliable fuel source are at risk because of congressional inaction in Washington. Unless Congress renews the tax credit soon, Mullings said, businesses across the supply chain — as well as consumers — will pay the price.
The biodiesel tax credit lapsed in 2018 to the detriment of truck stop and fuel retailers, the biodiesel and trucking industries, consumers and others that rely on the tax credit to expand their businesses and bring down energy costs.
The credit has helped fuel retailers offer biodiesel, a cost effective and environmentally friendly fuel, to consumers at a lower cost. It also sustained increased economic activity and job creation for retailers and producers alike. Without the biodiesel tax credit in place, retailers have been selling biodiesel at a loss and market uncertainty has made long term growth difficult.
For example, retailers that had been planning to increase their investments in biodiesel are pulling back. The travel center industry’s inability to anticipate the availability of the incentives has severely disrupted access to capital, inhibiting their ability to make necessary investments. These projects can cost as much as $500,000 per store. This lack of certainty has hindered the ability of these businesses to hire and expand.
Mullings said that failure by lawmakers to act is irresponsible. A dwindling supply of biodiesel will drive up costs for consumers, pushing them toward other fuels. When the public and the trucking industry purchase alternative fuels such as biodiesel, it reduces their emissions footprint.
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