The U.S. House this week overwhelmingly passed a package of tax incentives retroactively for 2014. Among the incentives was the reinstatement of the $1 per gallon biodiesel blenders tax credit that expired on Dec.31, 2013.
Kimberley is hopeful the U.S. Senate will take up the proposal before the end of the year, but it's more likely it will be addressed sometime in 2015. The package of tax incentives passed retroactively for 2014 includes the blender credit and other deductions that would benefit farmers and Iowa's economy.
This is the fourth time in the last six years the credit has expired. Iowa has a dozen biodiesel plants scattered throughout the state.