|President Trump and Congress gave the biodiesel industry a year-end gift. On Friday, December 20, President Trump signed the Federal Biodiesel Tax Credit into law. The credit is retroactively reinstated for the year 2018 and has been extended through the year 2022. The rate of the credit is $1.00 per gallon of biodiesel used in the blending process. The credit was included in the appropriation bills that were a part of a $1.4 trillion spending package.|
The Internal Revenue Services (IRS) will issue information on how to apply for the credit. The IRS typically takes quite a few weeks to release the proper procedure and forms for the application process. When that information becomes available, RINAlliance will provide more details.
If you have any questions, please contact RINAlliance staff at 515-224-7513 or [email protected].