Late last week the Iowa Legislature approved an amended comprehensive biofuels package. Iowa Renewable Fuels Association’s Policy Director Grant Menke says the measure provides a 3 year tax credit for bio diesel and also allows for expanded E 15 use during the summer months.
Menke says the legislation received overwhelming approval with 96 voting in favor in the House with two against and the Senate approving it on a vote of 48 to nothing. He says the bill provides biofuel investors certainty going forward.
Menke says the original bill called for a 5 year biodiesel tax incentive but having a three year measure is still workable while the E 15 component stayed the same in the overall package.