Iowa Congressman Introduces Biofuels Legislation

With record gas prices at the pumps and a public grumbling for relief, Congressional lawmakers have seized the opportunity to advance bills promoting homegrown biofuels that could both address the problem and likely benefit their home states.

This week, Congressman Jim Nussle announced he will introduce his “Independence from Oil With Agriculture (IOWA) Act” when Congress reconvenes this week. Nussle’s legislation promotes reforms including boosting the federal renewable fuels standard by nearly 60 percent. By focusing on more production of renewable fuels from Iowa’s abundant resources, Nussle says it will help expand the state’s agriculture sector and rural economy. “As we near summer when our families begin to make travel plans, and gas could well be more than $3 a gallon, the time has come to move our country away from dependence on foreign sources of oil. For too long, we have ignored the obvious solution to our addiction to foreign oil. The clean and responsible answer for our environment and economy is Iowa homegrown resources,” Nussle said. The Independence from Oil With Agriculture (IOWA) Act does the following: – Increases the Renewable Fuels Standard from 7.5 billion gallons to 12 billion gallons by 2012 — nearly a 60% increase. – Expands the availability of E85 by providing a permanent tax credit for the installation of E85 tanks. – Permanently extends the Small Producer Ethanol Tax Credit. – Permanently extends the Biodiesel Production Tax Credit. – Permanently extends the Renewable Energy Income Tax Credit for utility providers.
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