Biodiesel bill passes Iowa Congress, awaits governor's signature

By | June 01, 2006
In a few years, Iowa could be one-fourth energy independent. In April, the Iowa House passed the Iowa Renewable Fuel Standard, a move that sends the bill to Gov. Tom Vilsack for final approval.

The compromise bill includes a biodiesel tax credit, ethanol tax credits and a renewable fuels goal of 25 percent by the year 2020.

House File 2754, also approved on the Senate side, contains many provisions that benefit biodiesel. Among other things, the bill:
>Establishes a 3-cent-per-gallon biodiesel tax credit until 2012
>Establishes a requirement that in order to qualify for the tax credit, a retailer must have 50 percent or more of total diesel sales be biodiesel-blended fuel (B2 or higher)
>Provides for retroactive application of the biodiesel tax credit program to Jan. 1, 2006
>Increases the penalty for advertising or selling off-spec biodiesel blends
>Creates a reporting system to track biodiesel sales in Iowa

For more information, and for developments on this legislation, check or contact the Iowa Soybean Association at (800) 383-1423.
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