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Expanding Iowa’s Renewable Fuels Industry

Iowa is a world leader in renewable energy and a top producer of renewable fuels. To build on that effort, the House Agriculture Committee approved a package of bills this week to help strengthen Iowa’s rural economy and expand Iowa’s renewable fuels industry. |(From Rep. Sharon Steckman)

Iowa is a world leader in renewable energy and a top producer of renewable fuels. To build on that effort, the House Agriculture Committee approved a package of bills this week to help strengthen Iowa’s rural economy and expand Iowa’s renewable fuels industry.

The bills encourage investments in renewable energy and support commodity producers to grow Iowa’s rural economy. The bills include expanding and extending both the biodiesel and the ethanol promotion tax credits, creating a three year biodiesel production incentive, and encouraging retailers to offer more biofuels.

According to a recently released study from the Iowa Renewable Fuels Association, ethanol and biodiesel producers are part of a manufacturing sector that adds substantial value to agricultural commodities produced in Iowa. Based on the production of the renewable fuels industry at year-end 2010, ethanol and biodiesel:

Accounts for $13.1 billion, or about 8 percent, of Iowa GDP.
Generates $2.4 billion of household income for Iowa households.
Supports nearly 49,000 jobs through the entire Iowa economy.
Accounts for $588 million of state tax revenue.
Iowa has 41 ethanol refineries capable of producing nearly 3.7 billion gallons annually and 12 biodiesel facilities with the capacity to produce 315 million gallons annually. |

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