# Biodiesel Tax Credit Change Supported by Treasury Secretary | Triangle Biofuels Industries

> Treasury Secretary Steven Mnuchin said he would support a plan to shift the biodiesel tax credit from blenders to producers, as proposed by Senators Grassley and Cantwell. The bipartisan American Renewable Fuel and Job Creation Act would extend the credit for three years.

- Date: 2017-05-31 · published 2017-05-31T12:00:00.000Z
- Category: policy · region US · magnitude medium
- Page: https://feedsoft.ai/events/70873-biodiesel-tax-credit-change-supported-by-treasury-secretary-triangle-biofuels
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Administration support improves the chances of a producer's credit, which would favor domestic biodiesel output over imports and support soybean oil demand. Details are still pending, so the price effect is modest.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2019-05-23 | [US ag industry calls on Congress to extend biodiesel tax credit - Biofuels International Magazine](https://feedsoft.ai/events/58977-us-ag-industry-calls-on-congress-to-extend-biodiesel-tax-credit-biofuels.md) | +1.7% | +4.7% |
| SBO | 2019-02-22 | [Tax credit urged for biodiesel](https://feedsoft.ai/events/60468-tax-credit-urged-for-biodiesel.md) | -1.7% | -4.6% |
| SBO | 2018-10-04 | [NBB thanks bipartisan support for biodiesel tax extension - Biofuels International Magazine](https://feedsoft.ai/events/62415-nbb-thanks-bipartisan-support-for-biodiesel-tax-extension-biofuels.md) | -2.9% | -5.1% |
| SBO | 2020-08-19 | [Indonesia mulls palm oil levies increase to support biodiesel plans](https://feedsoft.ai/events/51467-indonesia-mulls-palm-oil-levies-increase-to-support-biodiesel-plans.md) | +1.3% | +10.6% |
| SBO | 2023-05-04 | [Is the biodiesel industry on the ropes?](https://feedsoft.ai/events/15312-is-the-biodiesel-industry-on-the-ropes.md) | +0.4% | -8.7% |
| SOY | 2019-05-23 | [US ag industry calls on Congress to extend biodiesel tax credit - Biofuels International Magazine](https://feedsoft.ai/events/58977-us-ag-industry-calls-on-congress-to-extend-biodiesel-tax-credit-biofuels.md) | +7.3% | +10.5% |
| SOY | 2019-02-22 | [Tax credit urged for biodiesel](https://feedsoft.ai/events/60468-tax-credit-urged-for-biodiesel.md) | -1.5% | -0.1% |
| SOY | 2023-05-04 | [Is the biodiesel industry on the ropes?](https://feedsoft.ai/events/15312-is-the-biodiesel-industry-on-the-ropes.md) | -0.8% | -8.2% |

## Sources

- trianglebiofuels.com: https://www.trianglebiofuels.com/biodiesel-tax-credit-change-supported-by-treasury-secretary/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.