Iowa leadership in the U.S. House of Representatives have successfully led efforts to preserve three biofuel-related incentives, including the $1-a-gallon tax credit for biomass-based diesel, in the latest debt ceiling bill passed yesterday. The bill now heads to the U.S. Senate for consideration. (Photo: Iowa Soybean Association)
Soybean Farmers, Biodiesel Producers Applaud Iowa Congressional Leadership for Defending Biodiesel Tax Credit
April 27, 2023 | Brock Johnston
Ankeny, IA – The Iowa Soybean Association (ISA) and Iowa Biodiesel Board (IBB) commend Iowa U.S. Representatives Randy Feenstra (R-04), Ashley Hinson (R-02), Mariannette Miller-Meeks (R-01) and Zach Nunn (R-03), for leading efforts to defend soybean farmers and biodiesel producers in the Limit, Save, Grow Act of 2023.
Randy Miller, ISA president and soybean farmer from Lacona, issued the following statement:
“We sincerely thank Iowa leadership in the House for their continued commitment to the state’s soybean farmers, biodiesel industry, and rural communities. A strong Iowa biodiesel market helps farmers weather difficult economic times and supports Iowa’s thriving agriculture industry.
“By increasing soybean oil value, biodiesel supports 13% of the price per bushel of soybeans. This equated to $1.78 per bushel in 2021. It also lowers the price of soybean meal, a key ingredient for livestock producers and the food supply. We commend members of Congress for scrutinizing spending to ensure every dollar returns value to U.S. taxpayers. Their support does not go unnoticed considering the heightened sensitivity surrounding debt limit discussions.”
Grant Kimberley, IBB executive director and ISA sr. director of market development, said:
“On behalf of the Iowa Biodiesel Board, I commend our Iowa U.S. representatives for working to defend and maintain the Biodiesel Tax Credit through this legislative process. This energy tax credit is one of the most successful in history, diversifying our energy supply, creating jobs and cutting carbon. Deflating an industry that’s generating economic growth while diversifying and improving our energy security would be counterproductive to fiscal reform and national security goals.”
Not funded by the soybean checkoff
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 15,000 ISA farmer members and industry stakeholders.