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News & Info Missouri Soybean Association PRESIDENT SIGNS LANDMARK BIODIESEL BILL INTO LAW
“I can’t tell you how pleased we are that the President has signed this legislation into law,” said Dale R. Ludwig, MSA executive director/CEO. “This bill signing is the culmination of two years of very hard work by our farmer members and our congressional delegation. I want to especially thank Congressman Kenny Hulshof and Senators Kit Bond and Jim Talent who have led this effort in the Congress. Without their extraordinary leadership and commitment, enactment of this historic legislation – and the tremendous economic benefits that will result from it – would not be realized.” The JOBS Creation Act establishes an excise tax exemption similar to the ethanol tax incentive that will expand biodiesel use significantly, adding nearly $1 billion to farm income, according to U.S. Department of Agriculture estimates. Biodiesel, produced from soybean oil, is a non-toxic, biodegradable, 100% renewable fuel that can be used in its pure form (B100) or blended with petroleum diesel at any percentage level. It offers similar fuel economy, horsepower, torque and BTU content as petroleum-based diesel, while providing higher octane. It also reduces potential cancer-causing compound emissions by 80 to 90 percent, and is the only alternative fuel to have completed the rigorous Health Effects testing required by the Clean Air Act. More than 400 major U.S. fleets already use this cleaner-burning alternative fuel. The JOBS Creation Act also extends the ethanol tax incentive through the year 2010. # # # © Missouri Soybean Programs |