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Monday, January 18, 2021

Klobuchar calls for extension of biofuels tax credit

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U.S. Senator Amy Klobuchar joined a bipartisan effort of 14 senators calling on Majority Leader Harry Reid and Minority Leader Mitch McConnell to extend the biofuels tax credits that will help reduce the United States’ dependence on foreign oil, invest in renewable fuels infrastructure, and create jobs for middle-class families and economic growth.

“Now is the time to extend the biofuels tax credits and invest in the farmers of the Midwest instead of the oil cartels of the Middle East,” Klobuchar said. “These investments will help us produce a reliable, low-cost, domestic source of energy; lower the unemployment rate; and reduce the amount of money we send overseas to meet our energy needs. These are common-sense steps to grow the economy and create jobs as we work together to put middle-class families back to work.”

Earlier this week, Klobuchar gave a speech on the Senate floor that highlighted the positive economic impact of the Volumetric Ethanol Excise Tax Credit (VEETC), which is set to expire at the end of the year, and noted that employment and economic output within Minnesota’s energy industry has doubled since the credit was first adopted five years ago.

Klobuchar is currently leading an effort in the Senate to forge a compromise on an extension of biofuels tax credits and new provisions to support the development of biofuels infrastructure. This proposal would eventually phase out the existing VEETC and tariff in favor of a more cost-effective producer tax credit, which would reward farmers who produce more efficient and sustainable ethanol.

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