Iowa Senator Chuck Grassley says he’s working to advance a producer tax credit for biodiesel in the Senate. He says there’s an opportunity to offer energy tax provisions as part of the proposed FAA legislation. Grassley says his amendment change the biodiesel tax credit from the current blender’s credit to a producer’s credit only available to domestic outlets.
Grassley says this amendment will ensure that foreign biodiesel producers can’t take advantage of a U.S. tax break. This will help domestic biodiesel producers.
Grassley says it’s better to have a producer’s credit because blender’s credits are tough to administer.
He says in 2016 and 2017, biodiesel imports into the U.S. are expected to reach over a billion gallons from Argentina, South Korea, Singapore and the European Union.
