Fuel Oil News

Fuel Oil News July 2016

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www.fueloilnews.com | FUEL OIL NEWS | JULY 2016 3 DATELINE BREAKING NEWS BIODIESEL BOARD HAILS TAX REFORM BILL The National Biodiesel Board released the following statement from Vice President of Federal Affairs Anne Steckel after Reps. Kristi Noem (R-S.D.), and Bill Pascrell (D-N.J.), introduced legisla- tion to extend the biodiesel tax incentive through 2019 and reform it as a domes- tic production credit: "While oil tax breaks remain per- manently written into the tax code, the biodiesel tax incentive is yet again set to expire in less than eight months. This is no way to do business. Biodiesel produc- ers need stable, predictable tax policy to continue to grow and hire. We want to thank Reps. Noem and Pascrell for tak- ing the lead on this issue to create that stability and spur economic activity. "In addition to extending the incen- tive, this bill includes an important reform ensuring that this tax incentive is directed toward domestically pro- duced biodiesel. This would not only reduce the cost of the tax incentive to the Treasury, but it would level the playing field for American producers who are now competing against preda- tory imports that are getting subsidies in their country of origin only to be shipped to the U.S. to receive another incentive from American taxpayers. Incentivizing foreign biodiesel pro- duction was never the intent of this incentive, and Congress should reform it immediately." After expiring on Dec. 31, 2014, the $1-per-gallon biodiesel tax incentive was reinstated in late 2015 and is slated to expire again on Dec. 31, 2016. Under the current "blender's" structure of the incentive, foreign biodiesel imported to the U.S. and blended with petroleum diesel in the U.S. is eligible for the tax incentive. Increasingly, foreign biodiesel producers are taking advantage of the U.S. incentive by shipping their product here. In 2015 alone, some 670 million gallons of biodiesel was imported to the U.S., making up nearly a third of the U.S. market. SENATE TO WEIGH RESOLUTION AGAINST TAX HIKE ON TRUCK SALES S e n . C o r y G a r d n e r ( R - C O ) i n t r o - duced Senate Concurrent Resolution 40 (S.Con.Res.40), expressing opposi- tion toward increasing the 12-percent Federal Excise Tax on heavy trucks and truck bodies. Last year, House Representatives Reid Ribble (R-WI) and Tim Walz (D-MN) introduced companion legislation. "NTEA commends the Senate on the introduction of this legislation," said Steve Carey, NTEA executive director. "FET is a complicated tax which deters the purchase of the cleanest, safest and most fuel-efficient trucks. It is a volatile, undependable funding mechanism for the U.S. highway system, and preventing further increases to this tax is critical." FET is imposed on the first retail sale of heavy-duty trucks, trailers, semitrailer chassis and bodies, and tractors—trucks with a gross vehicle weight rating of more than 33,000 pounds; tractors with a GVWR of more than 19,500 pounds and gross combined weight of 33,000 pounds or less when paired with a trailer or semitrailer; and trailers with a GVWR of more than 26,000 pounds. The funds derived from it are deposited in the Highway Trust Fund. The 12% FET, the highest federal ad valorem excise tax (based on the value of real estate or personal property), was first levied to help finance World War I. NBB: EPA PROPOSES MODEST BIODIESEL GROWTH UNDER RENEWABLE FUEL STANDARD The National Biodiesel Board called for the Obama Administration to strengthen an EPA proposal released on May 18 that would raise the biodiesel volume require- ment under the Renewable Fuel Standard by 100 million gallons in 2018. N B B V i c e P r e s i d e n t o f F e d e r a l Affairs Anne Steckel said that with- FEATURED NEWS DATELINE • Biodiesel Board Hails Tax Reform Bill • Senate to Weigh Resolution against Tax Hike on Truck Sales • NBB: EPA Proposes Modest Biodiesel Growth under Renewable Fuel Standard • API on RFS Volumes: EPA Must Do More to Protect Consumers • NPGA Urges Congress to Resolve Hours of Service Issue FUELS/EIA – pg 11 • TAC Energy Acquires Unbranded Fuel Assets of Mutual Oil Co. • API Releases New Donut Symbol to Differentiate New Diesel Oil • Slipstream Premium Marine Fuel Adds Territory in New Jersey • McGathey Joins Independent Technologies, Inc. • Bergquist Inc. Carrying Excela- Flange Bobtail Products • Richard Johansen Joins Fuel Management Services • Products: OPW Develops New Lynx Coupler; Blackmer Launches New LB943 Oil-Free Reciprocating Gas Compressor Line BUSINESS OPERATIONS – pg 24 • HeatingHelp.com Passes Torch to Next Generation • AEC Wildcatters Club Calls for Support • Ryder Named a Most Valuable Employer for Military by CivilianJobs.com • Citgo Celebrates 30th Anniversary of National Partnership with MDA • New Small Business Tax Reform Bill Announced • Westmor Industries Hosts Second Annual High School Welding Competition HVAC/HYDRONICS – pg 37 • ASHRAE and AFE Sign Agreement of Understanding • Aquamotion Receives Patent • Centrotherm Names East Coast Sales Manager • Aquamotion Announces C&C Marketing as New Representative for Upstate New York • Products: Uponor Launches New Thermostat for Radiant Heating Applications • Expandable Grundfos Hydronic Zone Controls

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