Today Senator Chuck Grassley introduced bipartisan legislation to extend a tax credit that encourages domestic biofuels production and ensures that taxpayers aren’t subsidizing foreign manufactured biofuels. Senator Joni Ernst is an original co-sponsor.

“U.S. tax policy should support U.S. products and U.S. jobs,” Senator Grassley said. “This bipartisan bill would end a system that gives many foreign producers a leg up over U.S. producers and give certainty to the biodiesel industry, which is responsible for employing thousands of Americans. Iowa producers shouldn’t be put at a disadvantage by foreign producers that in many cases are double dipping by benefiting from U.S. tax incentives on top of their own significant government subsidies. These reforms supporting domestic producers would also save taxpayers money.”

According to the Iowa Renewable Fuels Association, the biodiesel industry supports nearly 4,000 Iowa jobs, generates more than $300 million of income for Iowa households and accounts for $447 million of Iowa’s GDP.

Read more about the legislation authored by Senator Grassley here: https://www.grassley.senate.gov/…/grassley-cantwell-lead-gr…

grassley.senate.gov
Bipartisan Bill Introduced to Bolster Renewable Fuels with Biodiesel Tax Credit
“U.S. tax policy should support U.S. products and U.S. jobs,” Senator Grassley said.