POET says Nebraska’s biofuels tax credits boost economy, expand fuel options in the U.S.
The world’s largest biofuel producer says ethanol tax credits will boost access to lower-cost fuel options across the Midwest.
Doug Berven, Vice President of Corporate Affairs with POET, says Nebraska recently passed a law that provides credits to retailers who sell E15 and E25. “States like South Dakota, Iowa, Minnesota, Ohio, Indiana – these states can see the success of E15 in Nebraska and they want to be successful as well. They want to improve their economy, their environment, their energy security and they want to support rural America.”
Nebraska Governor Pete Ricketts signed LB 1261e that allows retailers to apply for a 5-cent tax credit for each gallon of E15 sold and 8 cents per gallon of E25 or higher blends sold.
He tells Brownfield it creates more options for consumers and increases competition in the market. “This is going to help consumers at the pump. It’s going to help retailers sell a better fuel and it’s going to help producers stabilize grain prices. It’s going to help ethanol producers stabilize their markets as well.”
And, he says, it could expand beyond the Midwest. “We need to grow this market to be able to accomplish the goals we need whether that be for cleaning up our environment, improving our economics statewide and nationally and securing our energy independence.”
He says statewide sales of E15 in Nebraska will add about $100 million to the state’s economy and household income will increase nearly $29 million.
Doug Berven, Vice President of Corporate Affairs with Poet: