The Missouri Soybean Association is asking state lawmakers to make it easier for the state’s seven biodiesel plants to use the biodiesel production tax credit.
The current tax credit is for 2 cents per gallon of biodiesel blend of between 5 to 10%, and 5 cents per gallon of biodiesel blend of between 10 to 20% sold and dispensed at the service station during the tax year. Having this production tax credit in place makes soybean oil more affordable for biodiesel producers, because of competition from oil refiners to use the feedstock for other fuels, like renewable diesel.
