The latest draft of the Build Back Better Act includes $1 billion for biofuel infrastructure.
Iowa Third District Congresswoman Cindy Axne tells IARN that the newly-released text of the bill includes key investments that support expanded availability and use of renewable fuels.
?We?ve got $1 billion for a biofuels infrastructure program,? Axne said. ?It was my bill to expand infrastructure across the country so we could sell ethanol year around, and go into new markets with new storage and tanks, etc. That is so exciting. That billion dollar investment is expected to bring in upwards of $500 million in windfall for Iowa farmers. I am thrilled that we were able to make that happen. That?s just one piece I was able to get in there to support Iowa farmers.?
Other biofuel components in the bill include a four-year extension of the biodiesel tax credit, which was set to expire at the end of 2022 after being revived in December 2019 by Rep. Axne and her colleagues. Additionally, a new tax credit to support the creation and usage of Sustainable Aviation Fuel, opening a new and growing market for Iowa biofuels and biodiesel.
Axne believes these measures within the Build Back Better Act will bring certainty to farmers.
?We are bringing certainty to the market,? said Axne. ?I would tell our farmers to be looking to have a great crop to help us out to make sure we can fulfill these great pieces of policy that will bring hundreds of millions of dollars to our Iowa farmers. Be ready, folks, because we are going to expand opportunity for our state.?
Axne made her comments to the Iowa Agribusiness Radio Network late Friday morning.
