Biodiesel group applauds extension of tax credit

The reinstatement and extension of the $1 a gallon Biodiesel Tax Credit was welcome news to the Iowa-based Renewable Energy Group, Inc.

Its President and CEO C.J. Warner called the approval in congress and the President’s signing of the measure a “big win for environment, for agriculture and for US motorists.”

He said as a result, the biodiesel tax credit’s real potential can be proven and the industry can accelerate its strategy. And he gave thanks to the Iowa congressional delegation.

“As we look to the future with this supportive policy, we are committed to delivering value to our stakeholders, including our customers and shareholders, through a balanced approach to capital allocation focusing on high quality, high returning investments, including share and bond repurchases that will strengthen the company and our ability to deliver high quality, low carbon fuels. The proceeds from the BTC provide tremendous, predictable resources to support achievement of these goals.”

The Renewable Energy Group, Inc. is a biodiesel production company headquartered in Ames, Iowa. It operates 14 biorefineries and a feedstock processing facility.