MEDIA CONTACT         

Monte Shaw 515-252-6249

FOR IMMEDIATE RELEASE                                                      

December 17, 2010                                                                                                                    

Passage of Federal Tax Package Spurs Iowa Job Creation

State Policies Will Be Key to Putting Iowa First

JOHNSTON, IA – Late last night the U.S. House passed a comprehensive tax package by a wide margin, voting 277 to 148 to send the bill to President Obama for his signature.  Included in the package was the retroactive extension of the biodiesel blenders tax credit through 2011.  Also included was an extension of the ethanol blenders tax credit at the current rate of 45 cents per gallon through 2011.

Iowa Renewable Fuels Association (IRFA) Executive Director Monte Shaw responded:  “Last night’s action by the House sends a very strong bill for renewable fuels to the President for his signature.  And even before that ink will dry the positive impact is being felt.  IRFA has received word that biodiesel plants are already putting sales contracts in place and making the necessary arrangements to begin rehiring at some plants.”

Shaw continued:  “At the same time, the ethanol incentive extension should keep our Iowa ethanol plants running.  An abrupt end would have caused market disruptions and likely led to ethanol plant shutdowns.  Today’s action sets the stage for strong renewable fuels demand.  IRFA will now turn its attention to promoting state policies that put Iowa at the forefront of breaking through the E10 blend wall and jumpstarting Iowa biodiesel production.”

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.

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