The National Biodiesel Board released a statement on January 2, 2013 stating that the biodiesel tax credit had been reinstated, effective for 2012 – 2013. This $1.00 per gallon credit has been a factor in helping biodiesel producers increase maintain their production from a cost stand point over the past few years.
2012 saw some biodiesel producers switch over to corn and soy oil production. It also was a year where several biodiesel producers weathered the poor economy and continued to produce biodiesel. With the announcement of the reinstatement of the biodiesel tax credit, the biodiesel industry should be in a good position to have a big year.
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