Johnston, IA - Early Friday morning Congress passed a one-year retroactive extension of the $1-dollar biodiesel production tax credit as part of a two-year budget package.
The credit will be applied to biodiesel production for 2017 but is not in place for 2018 as the industry had hoped.
In response to these events, Iowa Renewable Fuels Association Executive Director Monte Shaw made the following statement:
“While we are pleased the credit was restored for 2017, in 25-plus years of monitoring federal legislation, this is the most ridiculous outcome I’ve ever seen.
"We will continue to work for a quick extension for 2018 and ultimately a common-sense long-term extension.
"When you consider that petroleum is in its 105th consecutive year of federal tax preferences, it is ridiculous that U.S. House members objected to the two-year extension.
"Today, just as yesterday, the industry has to produce and market biodiesel with no certainty over what the final financial situation will be.
"That is not any way to run a business.”
For more information, please contact Cassidy Walter at 515-252-6249.