MO biodiesel retailer tax credit goes into effect
The Director of Market Development at Missouri Soybeans says a new biodiesel tax credit incentivizes fuel retailers to sell higher blends of biodiesel. Matt Amick says consumers will have a lower cost fuel option.
“We make it as cost competive as possible for consumers and users of the fuel, allowing more biodiesel to be blended into the marketplace.”
Retailers that offer up to a 10% biodiesel blend at the fuel pump are eligible for a two-cent tax credit and higher blends are eligible for a five-cent tax credit. Amick says there are benefits to running biodiesel in vehicles, including added lubricity, which can boost engine performance.
“Have a more efficient, sustainable fleet, but also, cleaner air for consumers in rural or urban areas.”
Amick says there is also a return to farmers for soy oil-based biodiesel, including a 13% added benefit to the price of soybeans. The biodiesel retailer tax credit went into effect on January 1.