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Emphasizing the importance of biofuels

The former chair of the Indiana Soybean Alliance says the uncertainty of the biofuels industry is weighing on U.S. farmers.

Brazil, Indiana farmer Kevin Cox says a recent visit to Capitol Hill focused on the future availability of biofuel tax credits.

“There’s some tax benefits for the blenders credits that are going to be going away here at the end of the year, so we’re trying to promote that to be able to continue after the first of the year,” he says.

He tells Brownfield time is running out for movement before the end of the year.

“Those that are manufacturing and producing the biodiesels and renewable diesels are really struggling right now because they just don’t know what the legislation will be,” he says. “If there’s gonna be any changes or if those are going to be extended.”

Currently, soybean oil producers earn $1 for every gallon of B100 biodiesel they produce, but would only receive up to 34 cents per gallon without the credit next year.

A House Resolution to extend the credit was introduced by Ohio Congressman Mike Carey in July, but hasn’t moved out to the House Ways and Means Committee.