Here's Why Renewable Energy Group Shares Jumped as Much as 43.9% Today
Shares of Renewable Energy Group (NASDAQ: REGI) rose nearly 44% today after lawmakers reached a last-minute agreement to include a range of new tax-credit extensions into the latest federal spending package.
The amendment included retroactively reinstating the federal biodiesel excise tax credit (BTC) for all production dating back to Jan. 1, 2018, and extending it through the end of 2022. The BTC provides a $1 per gallon subsidy to the first entity that mixes either biodiesel or renewable diesel into petroleum-based diesel, which is usually the producer of the renewable fuel.
As of 10:50 a.m. EST on Tuesday, the renewable energy stock had settled to a 28.7% gain.
Source Fool.com
