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Treasury Secretary Backing Biodiesel Tax Credit Bill

Treasury Secretary Backing Biodiesel Tax Credit Bill

Photo: WNAX


Treasury Secretary Steven Mnuchin says he’ll support legislation sponsored by Iowa Senator Chuck Grassley that would provide a tax credit to biodiesel producers rather than to blenders. American Soybean Association Board member Kevin Scott, who farms near Valley Springs, South Dakota says that’s a positive development.

He says the way the $1 per gallon tax credit works now, it ends up benefiting foreign biodiesel producers.

Scott says while it may seem Mnuchin’s support would help get the legislation approved in Congress, it’s not a given.

Mnuchin said the administration is reviewing all tax ideas and will give more details in the future.