WASHINGTON, DC — Following last night’s Senate passage of H.R. 5771, a tax extenders package that will retroactively extend numerous expiring tax provisions, including biofuel provisions for cellulosic biofuel production and cellulosic biofuel equipment bonus depreciation, Tom Buis, CEO of Growth Energy, released the following statement:
“I commend the Senate for passing this legislation and sending it to the President’s desk to be signed into law. This retroactive tax package will help producers of next generation biofuels and cellulosic ethanol continue to grow and invest in the production of a cleaner burning fuel that is not only sustainable, but also helps significantly reduce greenhouse gas emissions, improves our environment and reduces our dangerous dependence on foreign oil and fossil fuels.
“These extenders are a critical step in creating competition against the entrenched fossil fuel industry that has been enjoying over a century of excessive subsidies, even though that industry is one of the most profitable across the globe.
“While I encourage the President to sign this into law as soon as possible, I am hopeful that the new Congress will reevaluate how these tax provisions are administered. Moving forward, I encourage Congress to provide certainty for producers in the form of proactive tax extenders to incentivize further growth in the industry.
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About Growth Energy
Growth Energy represents the producers and supporters of ethanol who feed the world and fuel America in ways that achieve energy independence, improve economic well-being and create a healthier environment for all Americans now. For more information, please visit us at www.GrowthEnergy.org, follow us on Twitter @GrowthEnergy or connect with us on Facebook.