(Atlantic) On Tuesday, Iowa Governor Kim Reynolds signed a bill into law extending Iowa’s biofuel tax differential to June of 2026.
The Bill, Senate File 2403, lowers the cost of E-15 and higher blends of renewable fuels in Iowa by changing how the state taxes higher-blend biofuels.
Elite Octane, located just north of Atlantic, produces roughly 120 million gallons of ethanol per year, and receives 140-150 thousand bushels of corn per day. Nick Bowdish, CEO of Elite Octane appreciates the support from the legislature for making this happen. He says Iowa is the largest producer of ethanol, and Elite Octane is one of 41 ethanol plants churning out nearly 4.5 billion gallons of ethanol.
Bowdish says over the past three-years, Iowa consumed about 180 million gallons of ethanol each year, while Iowa’s total gasoline demand each year is approximately 1.8 billion gallons.
The Governor also announced an additional $7 million in funding through the Federal CARES Act, through the Renewable Fuels Infrastructure Program. This state program offers cost-share dollars to fuel retailers who install or convert their equipment to allow the expanded use of renewable fuels in Iowa.
