The American Soybean Association (ASA) supports the work of Sen. Grassley (R-Iowa), Sen. Cantwell (D-Wash.) and the other 14 senators who introduced bipartisan legislation to reform the biodiesel tax credit to a domestic production credit and extend the new policy for three years.
“This bill allows producers the security they need to grow their operations and will help to continue biodiesel’s success in diversifying the fuel market,” said ASA president and Illinois soybean farmer Ron Moore. “This tax credit and extension is vital to the industry’s continued growth, and will maximize the added value of domestic production of biofuels.”
Biodiesel production, in addition to providing a clean fuel alternative, benefits soybean farmers and the livestock industry. Approximately half of U.S. biodiesel is produced from soybean oil that is a by-product of soybean production, which is driven by demand for protein meal.