ASA Applauds Introduction of Biodiesel Tax Credit Reform, Extension Act
WASHINGTON, DC (April 26, 2016)– The American Soybean Association (ASA) supports the work of Sen. Grassley (R-Iowa), Sen. Cantwell (D-Wash.) and the other 14 senators who today introduced bipartisan legislation to reform the biodiesel tax credit to a domestic production credit and extend the new policy for three years.
“This bill allows producers the security they need to grow their operations and will help to continue biodiesel’s success in diversifying the fuel market,” said ASA president and Illinois soybean farmer Ron Moore. “This tax credit and extension is vital to the industry’s continued growth, and will maximize the added value of domestic production of biofuels.”
Biodiesel production, in addition to providing a clean fuel alternative, benefits soybean farmers and the livestock industry. Approximately half of U.S. biodiesel is produced from soybean oil that is a by-product of soybean production, which is driven by demand for protein meal.
Joining Grassley and Cantwell to co-sponsor the American Renewable Fuel and Job Creation Act of 2017 are Sens. Pat Roberts (R-Kan.), Heidi Heitkamp (D-N.D.), John Thune (R-S.D.), Sheldon Whitehouse (D-R.I.), Martin Heinrich (D-N.M.), Joni Ernst (R-Neb.), Joe Donnelly (D-Ind.), Roy Blunt (R-Mo.), Mazie Hirono (D-Hawaii), Al Franken (D-Minn.), Patty Murray (D-Wash.), Amy Klobuchar (D-Minn.), Tom Udall (D-N.M.) and Jeanne Shaheen (D-N.H.).
The American Soybean Association (ASA) represents all U.S. soybean farmers on domestic and international policy issues important to the soybean industry. ASA has 26 affiliated state associations representing 30 soybean producing states and more than 300,000 soybean farmers.