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Gov. Kim Reynolds signs bill lowering taxes on renewable fuels

Reynolds also announced an additional $7 million in funding through the CARES Act for the Renewable Fuels Infrastructure Program.
Credit: WOI
Gov. Kim Reynolds speaks before signing Senate File 2403, which makes "meaningful and significant changes to how the state of Iowa taxes higherblend biofuels." June 30, 2020.

DES MOINES, Iowa — Surrounded by stakeholders at the Pine Lake Corn Processors in Steamboat Rock on Tuesday, Gov. Kim Reynolds signed legislation that will lower the cost of renewable fuels in Iowa by modifying how the state taxes higher-blend biofuels.

At her Tuesday morning press conference, Reynolds said Senate File 2403 will provide much-needed relief for Iowa farmers by driving the demand for biofuels.

"It's going to make higher blend biofuels even cheaper at the pump, making it, making it an even more appealing option for consumers," Reynolds said. "That'll drive demand for homegrown renewable fuels, which again is good for Iowans are farmers and, of course, our Iowa biofuels industry."

The governor also announced an additional $7 million in funding through the CARES Act will be dispersed to the Renewable Fuels Infrastructure Program

Reynolds joined other Midwest governors on Monday in signing a letter to Environmental Protection Agency (EPA) Administrator Andrew Wheeler about small refinery exemptions (SREs) under the Renewable Fuel Standard (RFS).

Read the full letter below

Reynolds touched on the letter during her press conference Tuesday.

"We've been dealing with trade issues as well as bureaucrats in Washington D.C., who seemed focused on putting the interests of big oil ahead of the interest of Iowa farmers," Reynolds said. 

"I want to assure you that you've got a team of fighters working to protect all the progress the biofuels industry has made."

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