The American Soybean Association (ASA) and the National Biodiesel Board (NBB) expressed appreciation to President George W. Bush for his continued efforts to achieve key national policy objectives regarding energy diversification, and homeland and economic security through continued tax relief.

The renewable fuels and transportation sectors have been working on companion bipartisan legislation known as the Volumetric Ethanol Excise Tax Credit (VEETC) originally introduced as S. 1548 and H.R. 3119, and which has been included in the tax section of the Jobs, Energy, and Transportation bills, respectively.

"The ongoing conference negotiations on the American Jobs Creation Act of 2004 (HR 4520 & S. 1637) provides an appropriate forum to address these important issues and we hope that President Bush’s leadership will ensure that this legislation is completed this year," said ASA President Neal Bredehoeft, a soybean producer from Alma, Mo.

As included in the Senate version of the Jobs Bill, VEETC would amend a number of provisions in current law. Specifically, it would create a new incentive for biodiesel, ensure that taxes on ethanol-blended motor fuels will be credited to the Highway Trust Fund, extend the ethanol tax incentive through 2010, and hold harmless the small ethanol producer tax credit, the only tax incentive actually provided for ethanol producers. The legislation would maintain incentives for the production and use of American-made ethanol-blended fuels and eliminate the highway-funding penalty presently incurred by high ethanol-consuming states.

NBB Chairman Bob Metz, a producer from West Browns Valley, S. Dakota, said, "Both the Senate and the House are to be commended for moving this legislation to the verge of a conference negotiation, as well as being saluted for crafting legislation that recognizes the importance of ethanol and biodiesel to the United States economy, recognizing the long-term benefits of renewable fuels and the immediate need to increase the supply of transportation fuels.

"We are urging President Bush to work with the United States Congress to complete VEETC, which will promote energy independence, cleaner air, a stronger domestic agricultural sector and safer highways, and we are eager to assist the President in every way possible to ensure enactment of these critically important reforms this year."