Biofuel groups push for renewal of tax credits

A coalition of biofuel advocacy organizations sent a letter Monday to the top tax lawmakers in the Senate urging them to renew expired tax credits that helped their industry.

The credits, which incentivized advanced biofuel production and infrastructure, expired Dec. 31, along with a slew of popular tax breaks.

“Advanced biofuel tax credits have allowed the biofuels industry to make great strides in reducing the cost of production and developing first-of-kind technologies to deploy the most innovative fuel in the world,” the groups said in their letter to Senate Finance Committee Chairman Sen. Ron WydenRon WydenOvernight Finance: Dems seek probe of acting SEC chief | Defense hawks say they won't back short-term funding | Senate seen as start point for Trump infrastructure plan | Dems want more money for IRS Dem senator: Intel panel should probe financial ties between Trump, Russia Dems wait for GOP olive branch after ObamaCare debacle MORE (D-Ore.) and Ranking Member Orrin HatchOrrin HatchGOP senator to Dems: 'What's all the whining about' on Supreme Court? Trump, time to end outsourcing ... at the IRS Hatch: I may retire if Romney runs to replace me MORE (R-Utah).

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“If Congress wants American companies to continue developing these homegrown technologies in the United States, it must extend these credits,” they said.

Advanced biofuels, also known as second-generation biofuels, are made from woody crops or other biomass from which it is difficult to extract the fuel.

Representatives of the Advanced Ethanol Council, the Advanced Biofuels Association, the Algae Biomass Organization, the Biotechnology Industry Organization, Growth Energy, the National Biodiesel Board and the Renewable Fuels Association signed the letter.

The groups asked that the tax breaks be renewed retroactively so producers could get credit for production and infrastructure as of Jan. 1.

Both Wyden and House Ways and Means Committee Chairman Rep. Dave Camp (R-Mich.) plan to bring up proposals to extend expired tax breaks in April, they’ve said.