Bipartisan coalition backs tax extension
A bipartisan coalition of 44 House members led by Reps. Dave Loebsack, D-Iowa, and Darin La Hood, R-Ill., wrote House leaders this week calling for a multi-year extension of the biodiesel tax credit.
“We believe in making things in America, and there is no reason our fuel sources should not be made here as well,” they wrote.
“Biodiesel has been and continues to be a great American success story. Biodiesel production supports more than 60,000 good paying jobs in the U.S. and helps rural communities across the country build new economic opportunities.
“Biodiesel production can add roughly 63 cents of value to every bushel of soybeans. That value is especially important right now, when farm income is at its lowest point in more than a decade, crop prices are below the cost of production, and farmers are bearing the brunt of ongoing trade disputes.
“We strongly support a multi-year extension of the incentive to provide the policy certainty necessary to help the biodiesel industry and rural economies continue to grow.”
Kurt Kovarik, the National Biodiesel Board vice president of federal affairs, said, “NBB and its members appreciate the leadership of Representatives Loebsack, LaHood and others from across the country who co-signed this letter.“
“The letter demonstrates the strong, bipartisan support for a multi-year extension of the biodiesel tax incentive now, in order to provide biodiesel producers, blenders and retailers the opportunity to plan and expand the market for biodiesel,” Kovarik said.
“That expansion would deliver economic and environmental benefits to drivers, consumers, farmers and others all along the value chain.”
–The Hagstrom Report
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In response to the severe drought conditions in the West and Great Plains, the Agriculture Department this week announced that plans to help cover the cost of transporting feed for livestock that rely on grazing.