Biodiesel producers focused on tax incentive extension, reform
(ANKENY, IOWA) – In the wake of Chuck Grassley easily winning reelection to the U.S. Senate, as well as the reelection of Reps. Rod Blum, David Young, Dave Loebsack and Steve King to the U.S. House, Grant Kimberley, executive director of the Iowa Biodiesel Board, issued the following statement:
"We congratulate our entire Congressional delegation from Iowa on their victories last night, and thank them for their continued leadership in fostering the inclusion of American-made biodiesel in our nation’s energy supply. Our state owes these Congressional leaders gratitude for fighting time and again to give biodiesel the place at the table it deserves. Biodiesel is a critical piece of our nation’s ambitions for energy security, Greenhouse Gas reduction and economic development.
“We also welcome the opportunity to work with a new Administration in the White House, and appreciate the positive statements about biodiesel that President-elect Donald Trump made on the campaign trail. We are optimistic that he will support policies imperative to the growth of biodiesel, including the federal Renewable Fuel Standard, one of the most effective policies in history to diversify America’s fuel supply. The federal tax incentive for biodiesel is also critical to help us compete against petroleum, which had more than a hundred-year start on biodiesel. Nowhere is the impact of these policies more evident than in Iowa. In 2015, Iowa’s 12 operating biodiesel plants produced a record 242 million gallons of biodiesel.
“Our immediate priority is to extend the current $1 per gallon tax credit for biodiesel, but also restructure the incentive from a blender’s credit to a producer’s credit. This is vital because the current structure allows foreign biodiesel producers to take advantage of the credit if their fuel is blended in the U.S. – not the original intent of Congress.
"We look forward to the time ahead as we work to secure biodiesel’s future."
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