The Ohio Corn & Wheat Growers Association is pleased to announce that the Ohio House of Representatives voted 82 to zero in favor of a bill that aims to offer qualifying fuel retailers a 5-cent-per-gallon tax credit for sales of fuel containing between 15 and 85 percent ethanol.
The bill, H.B. 165, would cap the total tax credit amount at $10 million and make the credit available for four years after the bill is signed into law.
Tadd Nicholson, Executive Director of the Ohio Corn and Wheat Growers Association issued the following statement after the Ohio House passage of HB 165: “We are grateful for the overwhelming support of members of the Ohio House who voted in favor of HB 165, which would create a temporary tax credit for the retail sale of higher-ethanol blend fuel. Today’s vote puts Ohio one step closer to increasing consumer’s choices and competition at the pump while protecting energy independence & market stability for our state’s grain producers. We look forward to continuing to advocate on behalf of this legislation in the Senate.”
The legislation was introduced by Ohio Rep. Riordan T. McClain in March. The bill reported out of the House Ways and Means Committee in June. To date, 35 Ohio lawmakers have signed on cosponsor the legislation. In a statement introducing the bill, McClain said the tax credit aims to help cover the costs associated with converting or installing pumps approved by the U.S. EPA to administer E15.
The Ohio Ways and Means Committee addressed the bill during several hearings this year. The Ohio Corn and Wheat Growers Association, Ohio Ethanol Producers Association, American Freedom Energy, Sheetz, Ohio State Grange, Ohio Soybean Association, Growth Energy, POET LLC, United Dairy Farmers, and Guardian Energy were among the groups offering testimony in favor of the tax credit.
The Bill now heads to the Ohio Senate.