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Push to change biodiesel tax from blender’s to producer’s credit

Chris Hill

The Minnesota Soybean Growers would like to see the Biodiesel Tax Credit changed from a blender’s to a producer’s credit.

Under current law, blenders of biodiesel can claim a one dollar per gallon credit against their U.S. federal tax liability.

In other words, state soybean director Chris Hill of Jackson County says.

“Anyone who blends a gallon of biodiesel can collect (the tax credit).  That includes gallons of biodiesel from overseas.”

He tells Brownfield switching to a producer credit would close an existing loophole to ensure the money is only given to U.S. producers.

President Obama’s two year extension of the Biodiesel Tax Credit ends after 2016 and Hill says the proposed change to a producer credit has gained momentum on the Senate side.

“Last year in the U.S. Senate it made it through some committees and got to the markup, so on the Senate side it’s possible.  But we have to do our work on the House side.”

Hill spoke to Brownfield this week while attending the National Biodiesel Conference in Tampa, Florida.

 

 

 

 

 

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