Indiana corn and soybean farmers are teaming up to support a biofuels tax credit bill that could add $200 million to the economy each year and lower fuel prices, even though a similar bill didn’t pass last year.
Indiana Farmers Push for Biofuels Tax Credit Bill to Boost Economy and Lower Fuel Prices
According to the published article of Fox 59, with the Indianapolis 500 over, Indiana’s corn and soybean farmers are now focusing on an important bill. They are working with the Indiana Soybean Alliance and the Indiana Corn Growers Association to support a biofuels tax credit bill. This bill aims to encourage the sale of fuel mixed with biofuels, which could add about $200 million to Indiana’s economy each year, according to Steve Howell from the ISA/ICGA.
The tax credit is also meant to lower fuel prices for consumers. Howell explained that using a 15% ethanol blend could reduce fuel costs by 5 to 10 cents per gallon. Indiana, home to 15 ethanol plants and the largest biofuels processing plant, could see job growth and economic benefits if the bill becomes law.
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$200 Million Boost: Indiana’s Corn and Soybean Producers Unite to Push Biofuels Tax Credit Bill – Check It Now! (PHOTO: Fox 59)
Indiana Lawmakers to Revisit Biofuels Tax Credit Bill After Previous Session’s Shortfall
Furthermore, last year, a similar bill had strong support from corn and soybean farmers but didn’t pass because the legislative session was too short and didn’t focus on budget issues. Howell said that the previous effort helped raise awareness about biofuels, setting up a stronger push for the next session. Lawmakers are expected to start discussing the bill in the next few months.
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