Biofuels Community Celebrates Signing of Renewable Fuels Bill
May 21, 2014
Press Contact: T.J. Page
Gov. Branstad Signs S.F. 2344 into Law, Protecting Iowa Jobs, Consumer Access to Low-Cost, Homegrown Fuels
JOHNSTON, IOWA – The Iowa Renewable Fuels Association (IRFA) today joined Iowa Governor Terry Branstad, Lt. Governor Kim Reynolds and several renewable fuels and agriculture industry leaders at POET Biorefining – Coon Rapids to celebrate the signing of Senate File 2344. This bill helps move Iowa’s renewable fuels industry forward during a time of unprecedented federal policy uncertainty by extending the state’s biodiesel production tax credit and enhancing the state’s E15 retailer tax credit.
“I’m proud to sign this renewable fuels bill that received such wide, bipartisan support from the entire Iowa legislature and promotes E15, biodiesel and bio-butanol” stated Iowa Gov. Terry Branstad. “I have been a staunch supporter of protecting Iowa jobs and Iowa motorists’ access to cleaner, locally-produced renewable fuels, and this bill does exactly that.”
“Iowa is the number one renewable fuels producing state, and the Governor and I are happy to support legislation that helps continue this leadership,” stated Lt. Gov. Kim Reynolds. “Renewable fuels like ethanol and biodiesel are a vital part of Iowa’s economy, and S.F. 2344 will help ensure they continue to be for years to come.”
“Today is a great day for Iowa’s renewable fuels community,” stated IRFA Policy Director Grant Menke. “We commend Gov. Branstad, Lt. Gov. Reynolds, and the entire Iowa legislature for standing beside renewable fuels, protecting Iowa jobs, and safeguarding consumer access to low-cost, homegrown biofuels. We also extend a sincere thank you to the 17 companies and organizations that worked together in support of S.F. 2344. The success of this bill was truly a team effort.”
“Renewable fuels producers are currently facing unparalleled federal policy uncertainty, and S.F. 2344 helps to ensure Iowa preserves its biofuels leadership,” stated IRFA Executive Director Monte Shaw. “Consumers deserve low-cost, clean-burning fueling options, and this legislation will help ensure that Iowa motorists can continue to benefit from competition at the pump, while also protecting Iowa biodiesel jobs.”
With biofuels producers facing a precarious federal policy landscape, S.F. 2344 protects Iowa’s renewable fuels industry by extending the state’s biodiesel production tax credit that is set to expire at the end of this year, and enhancing the state’s E15 retailer tax credit to help alleviate extra costs to Iowa retailers who want to offer E15 as a registered fuel during the summer driving season. The bill also updates Iowa Code to define biobutanol as a renewable fuel option for Iowans.
To watch full video of the event, please click here.
Iowa is the leader in renewable fuels production. Iowa has 42 ethanol refineries capable of producing over 3.8 billion gallons annually, with three cellulosic ethanol facilities currently under construction. In addition, Iowa has 12 biodiesel facilities with the capacity to produce nearly 315 million gallons annually.
The Iowa Renewable Fuels Association was formed in 2002 to represent the state’s liquid renewable fuels industry. The trade group fosters the development and growth of the renewable fuels industry in Iowa through education, promotion, legislation and infrastructure development.