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Gov. Reynolds signs biofuels tax differential bill

Photo Source: Dustin Hoffmann

The biofuels industry in the state has been taking some large hits, but the Iowa Legislature came together to unanimously pass S.F. 2403 in both chambers and extend the biofuels tax differentials until 2026. This win shows the industry that the State government supports them without any partisan divide. On Tuesday, Governor Kim Reynolds signed the bill into law at Pine Lake Corn Processors at Steamboat Rock Iowa.

Gov. Reynolds Signs S.F.2403 into law

@Governor Kim Reynolds signed Iowa Senate File 2403, which extends tax differentials for biofuels in Iowa until 2026. The signing took place at Pine Lake Corn Processors in Steamboat Rock. The bill unanimously passed both chambers of Iowa Legislature. We also hear from Iowa State Senator Randy Feenstra and Pine Lake CEO James Brogrammer.

Posted by Iowa Agribusiness Radio Network on Tuesday, June 30, 2020

Pine Lake Corn Processors CEO James Brogrammer talked about the challenges facing the ethanol industry across the state.

Iowa State Senator Randy Feenstra (R-2nd) talked about the collaborative effort to get the legislation across the finish line without a dissenting vote. He hits on the benefits to the ethanol industry.

Governor Reynolds talked about the necessity for having this bill to support the Iowa biofuels industry.

Reynolds also announced the allocation of $7 million in CARES funding to be added to $3 million in state funds to help boost the biofuels infrastructure in the state.

Governor Reynolds commended lawmakers on both sides of the aisle for coming together to get this legislation passed unanimously to support the consumption of biofuels around Iowa and the ethanol and biodiesel industries in the state.