Complete Story
10/08/2005
Corporate Tax Legislation Good for Ohio Soybean Farmers
The Ohio Soybean Association is urging the Senate to immediately pass H.R. 4520, legislation concerning the Foreign Sales Corporation/Extraterritorial Income Tax (FSC/ETI) regime, commonly referred to as the American Jobs Creation Act of 2004.
The FSC/ETI legislation contains the biodiesel tax incentive, which amounts to a penny per percentage point of biodiesel blended with petroleum diesel. The House of Representatives approved H.R. 4520 last night by a vote of 280-141 and forwarded the measure over to the Senate for its consideration.
"Ohio soybean farmers applaud the House for passing a biodiesel tax incentive as part of the FSC/ETI legislation," said Rob Joslin, Ohio Soybean Association President. "Now it is the responsibility of the Senate to step forward and show that it supports renewable fuels and biodiesel by approving the bill.
"Because of what it does for biodiesel, the FSC/ETI bill is vitally important to Ohio soybean farmers. Passing this bill is the single most important action the Congress can take to support biodiesel," concluded Joslin.
Biodiesel is a cleaner burning alternative to petroleum-based diesel, and it is made from renewable resources like soybeans, grown here in the United States. It works in any diesel engine with few or no modifications. It can be used in its pure form (B100), or blended with petroleum diesel at any level most commonly 20 percent (B20). Soybean farmers have invested millions of dollars through the soybean checkoff to build the biodiesel industry in the United States.
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