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Michigan soybean group urges tax credits to expand biodiesel made from state soy oil
Summary
Michigan Soybean Association told the House Agriculture Committee it will introduce a bill to create retail and producer tax incentives for biodiesel made from Michigan-grown soybean oil, arguing the policy would create domestic demand, reduce emissions and support farm incomes.
Ben Steyer, CEO of the Michigan Soybean Association, told the Michigan House Agriculture Committee that his group will introduce legislation to create tax incentives for biodiesel made from Michigan-grown soybean oil.
The bill, Steyer said, would create retail and producer tax credits modeled after other Midwestern states and is the association’s top legislative priority this session. "In the coming weeks, we'll be introducing a bill that will create tax incentives for biodiesel," Steyer said to the committee.
The nut of the proposal is to expand a domestic market for soybean oil used in biodiesel and related bioproducts. Steyer and Larry Phelps, president of the Michigan Soybean Association and a fifth-generation Michigan farmer, argued a local biodiesel market would stabilize demand for soybeans amid export uncertainty and reduce greenhouse-gas emissions from diesel fleets.
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