|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
||
|
News & Info Missouri Soybean Association
SENATE PASSES CORPORATE
TAX LEGISLATION BILL JEFFERSON CITY, MO - On October 11, 2004, the U.S. Senate passed H.R. 4520, a comprehensive corporate tax reform bill by a vote of 69-17. 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 congressional delegation has shown in pushing this bill through the legislative process,” said Ludwig. “It passed in the House last week and now it has passed the Senate. This is truly an historic day for Missouri soybean farmers and the industry as a whole,” concluded Ludwig. “The industry owes a tremendous debt of gratitude to U.S. Senators Kit Bond and Jim Talent, who have both played critical roles in the passage of this legislation in the Senate," said Joe Sorrells, MSA President. “In many ways, Senator Bond laid the foundation for this victory through more than a decade of pioneering support of biodiesel. Senator Talent, for his part, founded the bi-partisan Renewable Fuels Caucus, which has become the preeminent lobbying force for biodiesel in the Senate,” concluded Sorrells. 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 President George W. Bush. # # # © Missouri Soybean Programs |