Sen. Grassley Goes to Bat for Biodiesel Tax Incentive
July 14, 2016
This week, Sens. Chuck Grassley, R-Iowa, and Maria Cantwell, D-Wash., introduced new legislation to extend the biodiesel tax incentive through 2019 and reform it as a domestic production credit. Twelve additional senators, including Joni Ernst, R-Iowa, co-sponsored the bipartisan legislation, a top priority for the biodiesel industry.
“The reforms would support domestic biodiesel producers and stop subsidizing foreign biodiesel producers,” Grassley said. “There’s no reason for foreign producers to reap the benefit of a U.S. tax incentive when so many foreign governments heavily subsidize their own biodiesel industries.”
The reforms, emphasizing support for domestic producers, would have the added benefit of saving U.S. taxpayers money over the current tax credit, Grassley said.
“Once again, Sen. Grassley has our gratitude and thanks as an industry for standing up for biodiesel,” said Grant Kimberley, executive director of the Iowa Biodiesel Board, and director of market development for ISA. “This legislation makes sense for American taxpayers, and will give our producers the stability they need to continue growing this bourgeoning Iowa industry.”
The bill follows similar legislation Sens. Grassley and Cantwell have introduced previously, including last year when it cleared the Senate Finance Committee without objection.