Smith Supports Biodiesel Tax Credit Extension
Congressman Adrian Smith (R-NE) spoke in favor of the biodiesel tax credit for domestic fuel production Wednesday in a Ways and Means Tax Subcommittee hearing on expired tax extenders. Cal Meyer, Group Vice President and Chief Operating Officer of Ag Processing Inc. of Omaha, testified in the hearing.
“We need to diversify our country’s energy supply, and tax incentives play a significant role in growing domestic biodiesel production and consumption,” Smith said. “Biodiesel also adds value to U.S. agriculture, especially soybeans. Through innovation and technological advancements, the efficiency of biodiesel production has increased from 25 million gallons in 2004 to 2.9 billion gallons today.
“Producers need certainty to make decisions going forward. I appreciate Mr. Meyer coming to Washington, D.C., to share his expertise with the committee and stress the importance of this issue to both the future of agriculture and our country’s energy independence.”
Smith is a strong supporter of biofuels and has cosponsored legislation to renew the biodiesel tax credit and transition it to the producer level.
Congressman Smith’s exchange with Cal Meyer of Ag Processing Inc. in Wednesday’s hearing.