GROWMARK Talks Ethanol Tax Credits

Lizzy Schultz Ag group, Agribusiness, biofuels, GROWMARK, RFS

gmk-media-spencer-1 The upcoming Presidential election, and the potential changes to funding and regulation that the changing administration may bring, is a concern for many within the agriculture industry, and it was a major talking point during the 2016 GROWMARK Annual Meeting & Agribusiness Symposium.

Chuck Spencer, Executive Director for Government Affairs at GROWMARK, is using the upcoming elections as an opportunity to make positive change for the industry by working to impact congressional representatives with the issues that will be affected by the transition to a new administration.

“We have a Continuing Appropriations Act that is expiring this September, and we currently have 13 Appropriations Bills, but none of them have passed the entire process, so it’s very likely we’ll have another Omnibus spending bill that will either go until right after the election or until March, and that’s a very big discussion right now,” said Spencer in an interview during the Annual Meeting.

GROWMARK has been heavily involved in some of the major policy issues that have affected agriculture this year, including the GMO labeling bill, and the company remains interested in the annual renewal of tax extenders, especially related to the Renewable Fuels tax credits received in ethanol and biodiesel.

“Right now they still have to be renewed annually, and we’re looking to see if and how they are included in any comprehensive package that Congress would act on in September,” he said. “Biodiesel tax credit has lapsed for a period of two years, and that creates ripple effects in the marketplace that affects the pricing of those products, which is especially important as we’re on the verge of what is projected to be a very productive harvest season.”

Listen to Lizzy’s full interview with Chuck here:
Interview with Chuck Spencer, GROWMARK

View and download photos from the event here: 2016 GROWMARK Annual Meeting & Agribusiness Symposium Photo Album

Ag group, Agribusiness, biofuels, GROWMARK, RFS