(Photo Credit: Joseph L. Murphy/Iowa Soybean Association)
$7 Million Infrastructure Boost, Tax Incentive Huge Win for Iowa Soybean Farmers
July 16, 2020
Statement Courtesy of Iowa Soybean Association President Tim Bardole of Rippey, Iowa
“Today’s announcement by Gov. Kim Reynolds for an additional $7 million boost to the Iowa Renewable Fuels Infrastructure Program (RFIP) and signing legislation extending the fuel tax incentive for diesel blends are big wins for soybean farmers.
“Legislation generating additional demand for diesel blends containing at least 11 percent soy-based biodiesel yields positive results for Iowans. Since the biodiesel fuel tax incentive was originally established, B11 and higher biodiesel blends have grown to make up 57% of sales in 2019, providing cleaner air with every gallon used.
“The additional funding to RFIP will enable fuel distributors to upgrade equipment for biodiesel blends. The program has increased retail availability of biodiesel in Iowa almost three-fold since 2015.
“The COVID-19 pandemic brought an entirely new set of challenges to the renewable fuels markets. Increasing the RFIP program will only spur additional private investment, help boost soybean demand at a critical time, offer higher biodiesel blends at more fueling stations and increase consumer choice and savings at the pump.
“We thank the Iowa legislature and the Governor for recognizing the value that biodiesel brings to farmers, consumers and Iowa’s economy. Wins like this strengthens this vital domestic market at a crucial time.
“I also want to thank every soybean farmer who chooses to be an Advocate Member of the Iowa Soybean Association. These non-checkoff resources help contribute to legislative wins like this one.”
The Iowa Soybean Association (www.iasoybeans.com) is “Driven To Deliver” increased soybean demand through market development and new uses, farmer-focused research and results, timely information and know-how and policy initiatives enabling farmers and the industry to flourish. Founded in 1964 by farmers to serve farmers, ISA is governed by a board of 22 farmers to advocate on behalf of the state’s 40,000 soybean producers, including more than 12,000 ISA farmer members and industry stakeholders.