Soybean growers back bill extending biodiesel tax credit

Farm Forum

WASHINGTON – The American Soybean Association (ASA) supports legislation introduced on May 13 by Reps. Kristi Noem (R-S.D.) and Bill Pascrell (D-N.J.) that would extend the biodiesel tax incentive through 2019 and reform it as a domestic production credit. ASA issued the following statement from President and Delaware farmer Richard Wilkins in response to the bill’s introduction:

“The bill from Reps. Noem and Pascrell is something ASA is extremely pleased to see, as it seeks to extend the biodiesel tax credit through 2019, and restructures the credit to further promote value-added domestic production. We appreciate the work of Representative Noem and Representative Pascrell and are proud to support their efforts.

“If not renewed, the dollar-per-gallon credit will expire at the end of this year putting a damper on production and preventing the industry from maximizing the benefits provided from this domestic, renewable energy source. In a farm economy that is dealing with low crop prices, that uncertainty and added stress are things that farmers don’t need.

“In the challenging political environment of an election year, it may be easier for lawmakers to pull back from working together, even on common-sense legislation like this, which is what makes the leadership shown by Representatives Noem and Pascrell so commendable. We appreciate their work on this issue and we urge Congress to support the extension and restructuring of the biodiesel tax credit.”