Rep. Finkenauer Introduces Amendment to Revive Biodiesel, Biofuel Tax Credits

December 16, 2019
Press Release
Amendments submitted to House Rules Committee would create jobs and investment in Iowa

WASHINGTON, DC – Today, Congresswoman Abby Finkenauer (IA-01) and Congresswoman Cindy Axne (IA-03) submitted two amendments to H.R. 5377 that would revive the expired biodiesel tax credit and extend tax credits for Iowa’s second generation biofuels.

These two amendments would support Iowa farmers, incentivize investment in good-paying jobs, and finally revive essential tax credits after their expiration at the end of 2017.

“The biodiesel tax credit is important for Iowa farmers, producers, rural small businesses, and hard-working families. From day one, I’ve been working with colleagues on both sides for the aisle, and in both the House and Senate to get bring this credit back,” Congresswoman Finkenauer said. “I have stressed to House leadership how important this credit is to the First Congressional District, and to the entire state of Iowa. While I wish this is something that would’ve been resolved during the last Congress, I will keep working to make sure I get this done for Iowans. Today’s amendments are another push to get that done.”

“As the Congress considers bills this week to extend and adjust tax provisions, we are determined to fight for the investments that will support our farmers, rural communities, and good-paying green jobs,” said Rep. Axne. “At a time when Iowa farmers are facing hardship, Congress cannot ignore the importance of including these critical provisions.”

Finkenauer’s Work on Extending Biodiesel Tax Credit

Congress had previously extended the tax credit retroactively for 2017, but left it expired for 2018 and beyond. This year, Finkenauer was joined by Senators Grassley and Ernst, as well as industry leaders, at a press conference supporting the legislation. Finkenauer testified before the Ways and Means Committee earlier this year, sharing the stories of Iowa producers and businesses that would benefit from the legislation.