TO: Reporters and Editors
RE: Northey Encourages Quick Action on Biodiesel Tax Credit
DA: Monday, June 7, 2010
Iowa Secretary of Agriculture Bill Northey issued the following statement encouraging quick action by Congressional leaders to pass an extension of the federal biodiesel blender’s tax credit that expired last December 31st. Many of Iowa’s biodiesel refineries have ceased production and laid off works as a result of the tax credit expiring.
According to the Iowa Renewable Fuels Association, Iowa has 15 biodiesel refineries that are capable of producing 320 million gallons of biodiesel annually.
Northey’s statement follows here:
“The President and Congressional leaders have repeatedly expressed their support for the biodiesel tax credit, but their lack of action has badly damaged the industry. Since they failed to meet their previous goal of passing it before the Memorial Day recess, it is vital they move quickly now that they are back in session.
“Many Iowa plants have been force to shut down and layoff employees, and I believe their ability to recovery will continue to diminish as long as the credit is not in place. If Congress truly wants to have a biodiesel industry they must act quickly.”
