• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / Agriculture / Senate vote on biodiesel tax credit postponed

Senate vote on biodiesel tax credit postponed

November 18, 2010 By Matt Kelley

A planned vote in the U.S. Senate today on a bill that included restoration of vital tax credits for the biofuels industry has been postponed. Iowa Senator Tom Harkin says he was pushing to have a tax break specifically for soy-based biodiesel attached to an energy bill but the Senate’s shepherds of that legislation decided otherwise.

“The energy bill’s been dropped,” Harkin says. “They’re not bringing it up because they didn’t get it worked out. The biodiesel tax credit — we’re still going to try to get that on a tax extenders package that we hope to pass before Christmas.” The original tax credit on biodiesel expired at the end of 2009. Since then, as many as 2,500 Iowans who worked in the biodiesel industry have lost their jobs.

Most of the 15 Iowa biodiesel plants have had to close because the fuel — without the tax credit — was no longer competitive with traditional, petroleum-based diesel. Harkin says he remains hopeful the tax credit will be restored before the end of the year, perhaps being attached to another piece of legislation.

“If there is a tax package going through, we are going to do everything we can to include both the extension — retroactively — of the biodiesel tax credit and also the extension of the 45-cents a gallon on ethanol.” The tax credit was first put in place in January of 2005 and helped to launch the opening of 150 biodiesel plants nationwide, most of which are now closed.

Share this:

  • Facebook
  • Twitter

Filed Under: Agriculture, Business, Outdoors, Politics / Govt Tagged With: Corn & Soybeans, Democratic Party, Tom Vilsack

Featured Stories

Finalists chosen for the state’s top burger

Paintings by Clinton woman gain a following in Europe

Iowa deadline for individual income taxpayers moved to June 1

Dialing rules changing for two area codes in Iowa

Assistance available for low income Iowans with overdue rent, utility bills

TwitterFacebook
Tweets by RadioIowa

Cedar Rapids preparing for big return of sports events

Iowa Games returning with full slate of sports

Iowa’s Garza sweeps national awards

Iowa’s Garza claims three national awards

Iowa’s Jack Nunge to transfer

More Sports

eNews and Updates

Enter your email address:

Delivered by FeedBurner

Archives

Copyright © 2021 ยท Learfield News & Ag, LLC