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News & Info Missouri Soybean Association
HOUSE PASSES CORPORATE
TAX LEGISLATION BILL JEFFERSON CITY, MO - On October 7, 2004, the U.S. House of Representatives passed a comprehensive corporate tax reform bill by a vote of 280-141. The tax bill, known as the Foreign Sales Corporation/Extraterritorial Income (FSC/ETI) Act, includes provisions creating an excise tax exemption for biodiesel. Dale R. Ludwig, Missouri Soybean Association (MSA) executive director/CEO, hailed passage of this legislation as the most significant development since Missouri soybean farmers began the U.S. biodiesel commercialization effort in 1991. “This will move biodiesel from a boutique fuel status to a major commercial fuel, setting the stage for the development of production facilities here in Missouri,” stated Ludwig. “MSA is very pleased with the leadership Missouri’s entire congressional delegation has shown in pushing this bill through with the provisions most important to Missouri’s soybean farmers,” said Ludwig. “But I want to especially thank Congressman Kenny Hulshof who has been the champion for this biodiesel legislation in the House of Representatives for more than two years now. His work on behalf of biodiesel in the House Ways and Means Committee has been absolutely crucial and we couldn’t be more appreciative of his extraordinary efforts and commitment,” concluded Ludwig. The FSC/ETI bill creates an excise tax exemption, modeled after the ethanol exemption, which will expand biodiesel use by 500 million gallons per year. Direct benefits of the legislation to Missouri include:
The bill awaits final approval by the United States Senate. # # # © Missouri Soybean Programs |