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Illinois Soybean Association Applauds Senate for Passing Biodiesel Tax Credit Extension
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Illinois Soybean Association Applauds Senate for Passing Biodiesel Tax Credit Extension BLOOMINGTON, IL - March 10, 2010— The Illinois Soybean Association (ISA) applauds Senate passage of H.R. 4213, the American Workers, State and Business Relief Act. This act includes retroactive a one-year extension of the biodiesel tax credit, which is vital for the biofuels industry. Now that H.R. 4213 has been passed, the U.S. Senate and U.S. House now must reconcile differences between two versions of the bill that have been approved by the respective chambers. The U.S. House approved its version H.R. 4213 in December 2009, which also provides for a one-year retroactive extension of the biodiesel tax incentive. "ISA applauds the support of our senators for taking action on this very important issue for the biodiesel industry in our state and others," said Mike Cunningham, ISA vice chairman of Bismarck. "We are thankful to see this kind of support for the biodiesel industry. Now we urge Congress to move swiftly to come together on a final bill that can be passed and signed into law as soon as possible." According to National Biodiesel Board, biodiesel production has ground to a halt and more than 29,000 jobs already have been lost across the industry since the tax credit lapsed on January 1, 2010. In Illinois, most biodiesel production facilities are running at reduced capacities, idled or shut down. "We once had a thriving renewable fuels industry here," Cunningham said. "And we encourage our legislators to continue taking action that can help bring it back." The biodiesel tax incentive, which is structured as a federal excise tax credit, amounts to a penny per percentage point of biodiesel blended with petroleum diesel. The incentive makes biodiesel more competitive with petroleum diesel, and lowers the cost of biodiesel to the end consumer. ISA is the statewide organization for Illinois soybean farmers. The farmers on its board administer legislative and membership programs and also administer soybean checkoff funds to support research, market development, promotions and educational programs designed to increase demand for Illinois soybeans. Contact ISA at 309-663-7692, or visit www.ilsoy.org.
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