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Iowa Ag News Headlines |
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Iowa Corn Applauds Extension of Retailer Renewable Fuels Incentives
Iowa Ag Connection - 05/27/2016
Iowans driving flex fuel vehicles received good news this week as Iowa Governor Terry Branstad signed into law a bill extending tax provisions for fuel retailers providing Iowa motorists with homegrown, renewable ethanol and biodiesel.
Senate File 2309 is an act that extends the per gallon income tax benefits for retail stations who choose to offer higher blends of ethanol (E15 and E85) and/or biodiesel (B5 and B11) to their customers at the pump through 2024. This bill passed by the
legislature this session, with bipartisan support in both the Iowa House and Iowa Senate.
"We thank Governor Branstad and the Iowa legislature for providing continued support for retailers offering higher blends of ethanol and biodiesel to Iowa consumers at the fuel pump," said Iowa Corn Growers Association President Bob Hemesath, a farmer
from Decorah. "The renewable fuels industry provides 43,000 jobs to our state. These types of investments ensure the biofuels industry continues to thrive and support rural communities across our state."
The E85 Promotion Tax Credit, available for fuel blends containing 70 to 85 percent ethanol, was extended at 16 cents per gallon through 2024. The E15 tax credit, available for fuel blends containing 15 to 69 percent ethanol, was extended through 2024 at 3
cents per gallon from September 16 through May 31, and 10 cents per gallon from June 1 through September 15 to help alleviate the summertime blending issues for registered E15.
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