WASHINGTON, D.C. – U.S. Reps. Mike Carey (R-OH-15), a member of the House Ways and Means Committee, alongside Reps. Mariannette Miller-Meeks (R-IA-01), Claudia Tenney (R-NY-24), Salud Carbajal (D-CA-24), Lou Correa (D-CA-46), Jim Costa (D-CA-21), Ashley Hinson (R-IA-02), Dusty Johnson (R-SD-AL), Mike Kelly (R-PA-16), Darin LaHood (R-IL-16), Tracey Mann (R-KS-01), Andrew Garbarino (R-NY-02), Mike Bost (R-IL-12), Brad Finstad (R-MN-01), and Randy Feenstra (R-IA-04) introduced bipartisan legislation that will reinstate the $1 per gallon Biodiesel Tax Credit to support our farmers in the biofuels sector and help lower diesel prices.
The Strengthening Economic and Energy Development (SEED) Act would extend the Section 40A biodiesel tax credit through 2029, restoring a successful energy policy that promotes the production of biofuels, supports America’s long-term energy independence, and helps keep the cost of diesel low.
“Reinstating the Biodiesel Tax Credit allows us to tap into a policy solution that we know will serve as an economic engine by boosting domestic energy production and lowering costs for American families,” said Rep. Carey. “Strengthening our supply of biodiesel and renewable diesel will have a ripple effect across the American economy, supporting farmers who grow crops used in renewable fuels and alleviating cost pressures on fuel and consumer goods.”
“With these tax credits already expired, producers are facing uncertainty at a time when they should be focused on growing and investing,” said Rep. Miller-Meeks. “The SEED Act restores these incentives and provides the certainty our farmers and producers need. By extending these tax credits, we are supporting American agriculture, strengthening rural communities, and advancing an all-of-the-above energy strategy that keeps costs down and reduces reliance on foreign energy.”
“New York’s farmers, truckers, and small businesses deserve relief from the energy costs that are eating into their margins,” said Congresswoman Tenney. “The SEED Act restores a proven incentive that puts American-grown crops to work powering our economy, supports job growth across NY-24, and helps bring down families’ costs at the pump.”
The SEED Act represents a significant opportunity to lower energy prices for American consumers while boosting domestic energy production, ultimately reducing the nation’s reliance on foreign energy.
BACKGROUND:
Biodiesel and renewable diesel are advanced biofuels that are generally produced from feedstocks such as soybean oil, recycled cooking oil, or other animal fats. The U.S. Environmental Protection Agency (EPA) defines the two fuels as renewable fuels that emit at least 50 percent less lifecycle greenhouse gas emissions than fossil fuel alternatives. In many cases, biodiesel and renewable diesel reduce emissions by more than 70 percent.
In Ohio alone, biodiesel production supports over 1,500 jobs and contributes more than $806 million in economic activity. There are two biodiesel refineries in operation statewide, both of which use Ohio-grown soybeans in their production process.
The bill has earned support from the Association of American Railroads (AAR), American Trucking Associations (ATA); Energy Marketers of America (EMA); National Association of Convenience Stores (NACS); National Energy & Fuels Institute (NEFI); NATSO, Representing America’s Travel Centers and Truck Stops; SIGMA: America’s Leading Fuel Marketers, Sustainable Advanced Biofuel Refiners and Truckload Carriers Association (TCA).
# # #