Champions of the biodiesel tax credit are calling on the IRS to quickly process ’18-’19 claims for the tax credit
Feb 20 2020
WASHINGTON – U.S. Senator Joni Ernst (R-IA), a relentless advocate for Iowa’s biofuels producers, and her colleague Senator Chuck Grassley (R-IA), fought hard to include the biodiesel tax credit in the year-end funding package last year. Now, the two Iowa senators are calling on the Internal Revenue Service (IRS) to promptly process 2018-2019 biodiesel tax credit claims.
In a letter to IRS Commissioner Charles Rettig, Ernst and Grassley write: “With our strong support, Congress took action and renewed the tax incentive for five years in order to support this important industry and provide a positive market signal. Timely payment of claims for 2018 and 2019 is necessary for the recovery of the entire biodiesel industry, including producers, blenders and farmers.”
To read the letter in full, click here.
The Iowa Biodiesel Board, other Iowa farmers and producers, and the National Biodiesel Board are applauding the senator’s strong support for the biodiesel community.
Grant Kimberley, Iowa Biodiesel Board: “There are no better friends to the biodiesel industry than Iowa Senators Chuck Grassley and Joni Ernst. We appreciate their initiative on our industry’s behalf with this letter to IRS Commissioner Charles P. Rettig, urging his agency to process claims for 2018 and 2019 tax credits quickly. While interest will be paid on claims that take longer, our senators understand that our industry needs immediate action to help offset the impacts of uncertainty of recent years…We are optimistic the IRS will heed the plea of Senators Ernst and Grassley and process these claims quickly. We have every confidence in the industry’s ability to recover and thrive.”
Dave Walton, owner of Walton Farms and Walton Farms Custom Ag: “Renewal of the biodiesel tax incentive will help sustain and build an important market for Iowa’s soybean growers, who faced a very tough season last year. We appreciate that Senators Ernst and Grassley stood with Iowa’s farmers and biodiesel producers throughout the challenges.” Walton is also an executive director and treasurer of the Iowa Soybean Association and a member of NBB’s governing board.
Tom Brooks, general manager of Western Dubuque Biodiesel: “Last year, several of Iowa’s biofuel producers were forced to close their doors due to the lapse of the biodiesel tax credit and the EPA’s efforts to undermine the Renewable Fuel Standard. Senators Ernst and Grassley have been vocal and effective champions for the industry on both issues.”
Kurt Kovarik, National Biodiesel Board: “On behalf of NBB’s members and biodiesel producers across the United States, I thank Senators Ernst and Grassley for their constant and strong support of the biodiesel industry. The Senators stood with our industry to urge their colleagues to renew the credit, issued last-minute appeals to ensure its passage, and have now followed through to see that the credit provides a much-needed economic lifeline to biodiesel producers and farmers. We look forward to continuing to work with them as strong champions for the industry.”