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Michigan soybean group pitches biodiesel tax credits to grow in-state market
Summary
Representatives of the Michigan Soybean Association told the House Agriculture Committee that a biodiesel tax-credit bill, modeled after Missouri law, would expand demand for Michigan soybean oil, reduce emissions and support local processing and jobs; sponsors plan to introduce the legislation next week.
Larry Phelps, president of the Michigan Soybean Association, and Ben Steyer, the association’s chief executive officer, told the Michigan House Agriculture Committee that a pending bill to create retail and producer tax incentives for biodiesel would help build a local market for soybean oil and support rural economies.
Phelps said soybeans are used in food, feed and an expanding set of bio-based products. “Soybeans are used to make your seats in especially Ford vehicles. Soles on Sketchers shoes, basketballs, tires,” Phelps said. He added that when soybeans are processed “80% is primarily used in livestock feed and plant based foods” while the remaining 20% is oil “one of the most versatile natural oils.”
Steyer told the committee the Michigan Soybean Association’s top legislative priority this session is the biodiesel bill.…
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