Axne, Finkenauer Join Loebsack-Led Effort to Extend Biodiesel Tax Credit
Washington, D.C. – Today, U.S. Representatives Cindy Axne (IA-03) and Abby Finkenauer (IA-01) joined a bipartisan group of colleagues, led by Reps. Dave Loebsack (IA-02) and Darin LaHood (IL-18), in calling for a multi-year extension of the biodiesel tax credit. In a letter sent to House Leadership, the lawmakers called for swift action to extend the expired biodiesel tax credit to support Iowa farmers and provide much-needed certainty to the industry.
“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.”
Photo Credits: Joseph Murphy/Iowa Soybean Association