Posted April 29, 2014
The Iowa legislature recently passed a bill to extend the state’s biodiesel tax credit, according to an article by the Des Moines Register available here.
The bill, S.F. 2344, extends the “tax credit of 2 cents per gallon on the first 25 million gallons of biodiesel produced in any single plant. The incentive was set to expire at the end of the year, but would now go through 2017.”
The bill is now on Gov. Terry Branstad’s desk and he is expected to sign it into law, according to an article by Farm Progress available here.
“The entire Iowa legislature should be commended for its commitment to ensuring that Iowa not only continues to lead the way in biofuels production, but also in renewable fuels policy,” says IRFA policy director Grant Menke. “S.F. 2344 will help preserve Iowa biodiesel jobs while also expanding Iowa motorists’ access to cleaner-burning, more locally produced E15 and I applaud Iowa’s elected leaders for standing united with Iowa’s renewable fuels community.”
Iowa leads the country in renewable fuels production. Iowa has 12 biodiesel facilities “with the capacity to produce nearly 315 million gallons annually. In addition, Iowa has 42 ethanol refineries capable of producing over 38 billion gallons annually, with three cellulosic ethanol facilities currently under construction.”
For more information on renewable energy, please visit the National Agricultural Law Center’s website available here.
Share: