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AF&PA opposing proposed retroactive ‘claw back’ of renewable fuel tax credit

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AF&PA opposing proposed retroactive ‘claw back’ of renewable fuel tax credit

February 06, 2012 - 05:43
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WASHINGTON, DC, Feb. 6, 2012 (Press Release) -American Forest & Paper Association President and CEO Donna Harman released the following statement today in response to the proposed retroactive repeal of the renewable fuel tax credits.

"We oppose the retroactive tax increase being proposed to pay for a new highway bill. Congress prospectively repealed the paper industry's eligibility for the cellulosic biofuel tax credit in 2010. This bill now retroactively changes the ability of companies to claim credit carry forwards they are entitled to under the law for 2011. The year has closed and companies' tax returns are not due until March 15. Retroactive tax increases are bad tax policy and harm companies that are trying to make investments to get jobs and the economy going again."

The American Forest & Paper Association is the national trade association of the forest products industry, representing pulp, paper, packaging and wood products manufacturers, and forest landowners. Our companies make products essential for everyday life from renewable and recyclable resources that sustain the environment. The forest products industry accounts for approximately 5 percent of the total U.S. manufacturing GDP. Industry companies produce about $190 billion in products annually and employ nearly 900,000 men and women, exceeding employment levels in the automotive, chemicals and plastics industries. The industry meets a payroll of approximately $50 billion annually and is among the top 10 manufacturing sector employers in 47 states. Visit AF&PA online at www.afandpa.org.