Iowa Lawmakers Approve Biodiesel Bill

April 28, 2014
A bill that will benefit Iowa’s biodiesel industry, farmers and economy is on its way to the governor, with the State’s legislature already having passed the Biodiesel Production Credit Bill.The Senate, unanimously, approved the bill, 48-0, on April 24. The House passed it by a 95-2 vote a day earlier. Lawmakers extended the State’s biodiesel 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 now goes through 2017.Iowa Biodiesel Board Director said the strong support shows how important biofuels are to the State and the economy. A recent study shows biodiesel production supported more than 7,000 full-time jobs in the State last year and contributed US$ 520 million to Iowa’s gross domestic product.“Legislators have demonstrated foresight in supporting one of the most powerful economic drivers that Iowa has, biofuels,” Kimberley stated, adding “Not only will this biodiesel policy benefit Iowa’s economy and lead to a rural renaissance, but it also props up our nation’s energy security.”Iowa leads the nation in biodiesel production. The State’s 12 plants are capable of producing 315 million gallons. The most widely used feedstock is soybean oil.
 
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