Loebsack, LaHood Lead Push for Multi-Year Biodiesel Tax Extension
Congressmen Dave Loebsack and Darin LaHood today led a bipartisan group of their colleagues in calling for a multi-year extension of the biodiesel tax credit. In a letter to House Leadership, the lawmakers called for swift action in the House to ensure our farmers and producers have the certainty they need to support the more than 60,000 good paying jobs here in the U.S. that are part of the biodiesel industry. A full copy of the letter, signed by 44 Members, can be found here.
“We believe in making things in America, and there is no reason our fuel sources should not be made here as well. Biodiesel has been and continues to be a great American success story. Biodiesel production supports more than 60,000 good paying jobs in the U.S. and helps rural communities across the country build new economic opportunities,” wrote the lawmakers. “Biodiesel production can add roughly 63 cents of value to every bushel of soybeans. That value is especially important right now, when farm income is at its lowest point in more than a decade, crop prices are below the cost of production, and farmers are bearing the brunt of ongoing trade disputes. We strongly support a multi-year extension of the incentive to provide the policy certainty necessary to help the biodiesel industry and rural economies continue to grow.”
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