US Agriculture Secretary Tom Vilsack called on Congress to reinstate the biodiesel production tax credit and extend ethanol excise tax credits.
Speaking at the National Press Club in Washington, DC, this morning, Sec. Vilsack said extending the ethanol tax credit would be a "fiscally responsible" short term measure while reforms to the ethanol credits program are considered.
Citing a new study released today by the Economic Research Service on the effects of increased biofuels in the US economy, the Agriculture Secretary said that biofuel production costs "will continue to drop with each succeeding generation of biofuels".
But, he said the industry still needs more time and investment to mature to meet the EPA Renewable Fuels Standard to source 36 billion gallons of biofuels by 2022.
Sec. Vilsack said,"Incentives helped build the biofuel industry and incentives need to continue. Congress should start by reinstating the Biodiesel Production Tax Credit and providing a fiscally responsible short-term extension of the Volumetric Ethanol Excise Tax Credit.
