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Gov. Reynolds signed legislation into law to lower taxes on renewable fuels

Ag/Outdoor, News

June 30th, 2020 by Ric Hanson

DES MOINES – Today (Tuesday), Iowa Gov. Reynolds signed Senate File 2403, legislation that will lower the cost of E-15 and higher blends of renewable fuels in Iowa by changing how the state taxes higher-blend biofuels. The governor signed the bill during her weekly press conference at Pine Lake Corn Processors in Steamboat Rock. “Iowa continues to lead on innovative ways to drive demand for biofuels,” said Gov. Reynolds. “This legislation makes higher blend biofuels even cheaper at the pump while driving demand for homegrown renewable fuel.”

The governor also announced an additional $7 million in funding, through the federal CARES act, for the Renewable Fuels Infrastructure Program. This state program offers cost-share dollars to fuel retailers who install or convert their equipment to allow the expanded use of renewable fuels in Iowa.  Yesterday, Governor Reynolds joined a bipartisan group of governors from Minnesota, South Dakota and Nebraska, calling on EPA Administrator Wheeler to reject the excessive number of retroactive small refinery exemptions to the federal Renewable Fuel Standard. The law exists for a reason and we need the EPA to stand by it.