FOR MORE INFORMATION:
Monte, 515-252-6249

FOR IMMEDIATE RELEASE
June 25, 2010

Third Time Not a Charm as Senate Again Fails to Reinstate Biodiesel Tax Incentive

JOHNSTON, IA – Yesterday, the U.S. Senate failed for the third time during the month of June to clear the 60 vote hurdle necessary to move forward on legislation reinstating the biodiesel tax incentive.  Thursday afternoon’s cloture vote on the most recent Baucus Substitute Amendment to H.R. 4213, the American Job and Closing Loopholes Act of 2010, which included a retroactive reinstatement of the biodiesel tax incentive through December 31, 2010, failed by a 57-41 margin.  This latest blow to the Iowa biodiesel industry is particularly damaging, as the Senate has no current timeline to take up this legislation again.

In response to this news, Iowa Renewable Fuels Association Biofuels Manager Grant Menke issued the following comment:

“As Senators continue to extol the virtues of green job creation and clean energy on a daily basis following the tragic oil spill in the Gulf, the Senate’s lack of action has served no purpose other than assuring that the U.S. biodiesel industry remains stagnant at best and in a freefall at worst,” said Menke. “If the Senate is serious about creating green jobs and displacing gallons of crude oil, it can start by reinstating the biodiesel tax incentive immediately.  Within days, this provision will put over 20,000 men and women to work while unleashing the proven petroleum displacement power of America’s first advanced biofuel.  Now is the time for the Senate to find the courage to match its words with actions.”

Iowa is the leader in renewable fuels production.  Iowa has 39 ethanol refineries capable of producing nearly 3.3 billion gallons annually. In addition, Iowa has 14 biodiesel facilities with the capacity to produce nearly 320 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.

###

For more information, visit the Iowa Renewable Fuels Association website at:  www.IowaRFA.org