Retroactive tax credit will net REG up to $135 million
The federal government’s reinstatement of the biodiesel tax credit for this year will add $125 million to $135 million to Ames-based Renewable Energy Group Inc.’s bottom line, the company reported to the Securities and Exchange Commission Monday. Congress voted to approve the $1 per gallon biodiesel mixture excise tax credit from Jan. 1, 2015, through Dec. 31, 2016. In a statement after the bill passed, REG said the tax credit “will reinforce our company’s continuing growth by encouraging higher blends and usage of advanced biofuels throughout North America. It provides multiple benefits through enhancing our environment, energy and food security and local economies.”