Renewable fuel tax credit bill gathers support

Iowa's Senate unanimously approved a bill to extend tax credits for renewable fuels.

After achieving a 48-0 decision yesterday, the bill will now move to the House.

If passed, the bill will extend all renewable fuel tax credits in Iowa until 2020, increase the tax credit for E15 and add advanced biofuel biobutanol to the state's renewable fuels.

An amendment to the bill also extends tax credits to retailers who sell biodiesel, E15 and E85 fuels for a further two years, from 2017 - 2019.

Daniel J. Oh, chief executive officer of the Ames-based Renewable Energy Group, says: 'Biodiesel is a proven contributor to strengthening America's energy and economic security and protecting our environment. We are very pleased and grateful to see continuing bipartisan Senate support for a growing biodiesel industry.'