NATSO, SIGMA Urge Congress To Harness Momentum To Extend $1 Per Gallon Biodiesel Tax Credit

(MENAFN- PR Newswire)

ALEXANDRIA, Va., Nov. 8, 2024 /PRNewswire/ -- NATSO, representing truck stops and travel centers, and SIGMA: America's Leading fuel Marketers, today urged congress to harness growing momentum for the extension of a series of expiring tax credits during the Lame Duck session, including the $1 per gallon biodiesel blenders' tax credit.

The associations, which represent nearly 80 percent of fuel sold at retail, applauded Senator Chuck Grassley (R-Iowa) for his recent public comments stating the biodiesel tax is among 20 included in a tax package that "must be passed."

NATSO and SIGMA appreciate Senator Grassley's leadership on this issue as well as all the Members of Congress who have co-sponsored H.R. 9060, bipartisan legislation introduced by Representatives Mike Carey (R-OH), Annie Kuster (D-NH) and Claudia Tenney (R-N.Y.) that would extend the biodiesel blenders' tax credit for one year.

"As Members return to finish their work, we look forward to engaging on policy priorities that can prevent unnecessary disruptions in the fuel market while keeping fuel prices low for consumers and further reducing carbon emissions from transportation fuel," said
NATSO and SIGMA Executive Vice President of Government Affairs, David Fialkov. "Fuel retailers are ready and willing to work with Congress as it considers critical policy priorities during the Lame Duck Session."

The Inflation Reduction Act, which was signed into law by President Biden after passing Congress on a purely partisan basis, created a new Clean Fuel Production tax credit known as "45Z." Despite repeated requests, the industry has not received guidance from the Biden Administration regarding what the value of that credit will be for different fuels. This uncertainty, combined with the scheduled expiration of the biodiesel blenders' credit at the end of 2024 is hurting biodiesel producers, fuel retailers, trucking companies, and the entire soy complex.

A diverse group of stakeholders support H.R. 9060, including the American Trucking Associations, Energy Marketers of America, Illinois Soybean Growers, Iowa Biodiesel Board, Kentucky Soybean Association, Mid Atlantic Soybean Association, Minnesota Soybean Growers Association, National Association of Convenience Stores, National Energy and Fuel Institute, Ohio Soy Association, Small Advanced Biofuel Refiners, and Truckload Carriers Association.

Biodiesel and renewable diesel have historically been the most widely used biofuels in commercial trucking and remain the most viable option for reducing carbon emissions from the nation's trucking, home heating oil, and rail industries in the near term. The biodiesel tax credit directly lowers the cost of diesel fuel for truck drivers, which in turn reduces shipping costs and helps lower the prices consumers pay for goods transported by truck.

Extending this tax credit would ensure that motor carriers can continue to cut carbon emissions within existing fleets while also keeping fuel prices and consumer costs down. The biodiesel blenders' tax credit has been instrumental in developing a strong renewable diesel industry in the United States, driving significant growth in production. The U.S. biodiesel and renewable diesel market expanded from approximately 100 million gallons in 2005 to around 4 billion gallons in 2023, all while contributing to lower transportation-related carbon emissions.

About NATSO and SIGMA

NATSO
is the trade association of America's travel plaza and truck stop industry. Founded in 1960, NATSO represents the industry on legislative and regulatory matters; serves as the official source of information on the diverse travel plaza and truck stop industry; provides education to its members; conducts an annual convention and trade show; and supports efforts to generally improve the business climate in which its members operate. Contact: Tiffany Wlazlowski Neuman , Vice President, Public Affairs. 202-365-9459

SIGMA
is the national trade association representing the most successful, progressive, and innovative fuel marketers and chain retailers in the United States and Canada. Founded in 1958 as the Society of Independent Gasoline Marketers of America (SIGMA), SIGMA has become a fixture in the motor fuel marketing industry. Representing a diverse membership of approximately 250 independent chain retailers and marketers of motor fuel, the association serves to further the interests of both the branded and unbranded segment of the industry while providing information and services to members. For more information visit SIGMA.

CONTACT: Tiffany Wlazlowski, [email protected]

SOURCE NATSO, Inc.

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