Lawmakers urge to invest in future Iowa producers through incentive-based biofuel bill
Dave Walton (bottom left), director of the Iowa Soybean Association and a soybean farmer from Wilton, joins his colleagues, biodiesel producers and other supporters at the Iowa State Capitol on Feb. 15. (Jocklin Bushman, Iowa Soybean Association)
ANKENI, Iowa – Soybean farmers in Iowa, biodiesel producers and other supporters met with state lawmakers on Feb. 15, urging them to vote for a bill that would improve access to and stimulate biodiesel production in Iowa.
Earlier this month, soybean producers noted the House of Representatives passed a law on the governor’s access to biofuels, where he received strong bipartisan support (82-10). Currently accounts under house file number 2128 and SBB 3084.
“The adoption of the bill by the House of Iowa means continued investment in reliable production of low-carbon biodiesel, and access even closer to becoming a reality,” said ISA President Rob Evoldt, a soybean farmer near Davenport who uses Davenport crops and transportation. freight. “It is critical to ensure that soybean farmers in Iowa and the state can benefit,” Evoldt says.
The legislation aims to address the biofuel tax and infrastructure provisions by:
- Renewal and expansion of the tax credit for the production of biodiesel and the differential tax on biodiesel.
- Modify the current fuel retail tax credit for blends of 11% biodiesel (B11) to encourage higher blends.
- Introducing new loans for blends such as B20 and B30.
- Extension of the State Renewable Fuel Infrastructure Program (RFIP).
By raising the price of soybean oil, biodiesel supports 13% of the price per bushel of soybeans. That equated to $ 1.78 a bushel in 2021. It also lowers the price of soybean meal, a key ingredient for livestock and food producers.
“Over the past year, we have done everything we can to help the state reconsider its approach to expanding biofuels. We urge soybean farmers in Iowa to contact their senators and express support for this legislation today. “
To learn more, visit iasoybeans.com.
– Iowa Soybean Association
https://www.morningagclips.com/soybean-farmers-stress-homegrown-energy-at-capitol/ Soybean farmers focus on home-grown energy in the Capitol