Iowa's Harkin Pushes Renewable Energy Tax Incentives

New bill would allow small biodiesel producers that produce under 60 million gallons per year to be eligible for a 10-cent-per-gallon tax credit up to 15 million gallons of production annually.

Published: 20-Mar-2005

 WASHINGTON - Following news that the IndyCar Series would be switching to ethanol as its fuel, Sen. Tom Harkin, D-Iowa, cosponsored legislation on Friday encouraging greater biodiesel and ethanol production by farmer-owned facilities.

The bill would broaden the tax credit now available to small ethanol producers to include biodiesel producers as well as raise the maximum production for eligible ethanol or biodiesel producers to 60 million gallons a year.

"Taking an aggressive approach toward promoting the production and use of renewable fuel is a great way to move our country down a path of energy independence," said Harkin. "This bill will put the incentives in place for the continued expansion of the renewable fuel industry and help create new jobs and improve the economy in rural areas, like Iowa."



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