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AGP's Chief Executive Officer Keith Spackler (Right). Picture: Collected[/caption]
Ag Processing Inc. has praised congressional leaders for extending a five-year term for a cooperative (AGP) federal biodiesel tax incentive, which President Trump signed and enforced on a deep Friday night last week. The passage of this expansion, included as a component of the Financial Institution 2020 government funding package, supported this important industry as a result of the significance of these biodiesel producers and stakeholders and working together in Washington, DC. The $ 1.00 / gallon biodiesel tax incentive, which ended in 2017, was raised retrospectively for 2018 and 2019 and will remain for the calendar years 2020, 2021 and 2022.
AGP’s Chief Executive Officer Keith Spackler welcomed the extension and said “We want to thank our Congressional supporters for their efforts to move this five-year extension forward at a time of uncertainty for the biofuels industry. AGP has long supported biodiesel and its importance to farmers, AGP, and AGP’s cooperative member-owners cannot be overstated. We look forward to the positive impact the extension of the biodiesel tax incentive will have on soybean prices and U.S. biodiesel production.”
Troy Alberts, Senior Vice President for Refined Oils and Renewable Fuels and a member of the National Biodiesel Board’s Governing Committee, spoke about the market dynamics of the biodiesel industry and AGP’s leading presence, as both a biodiesel producer and feedstock provider. “The multi-year extension will support and provide certainty for AGP’s integrated soybean processing platform and improve demand for soybean oil used in the production of biodiesel. Soybean oil is currently the primary feedstock for the industry.” Alberts also noted the important role the biofuels industry has in supporting farmers, rural American jobs, and providing cleaner-burning fuels for the environment.
AGP is a leading U.S. soybean processor / refiner manufacturing and marketing pioneer farming with primary operations such as soybean meal, refined soybean oil and biodiesel. AGP businesses include agricultural commodities trading in domestic and international markets and handling grain lifts in numerous U.S. states. AGP is to represent farmers and growers across the United States through local and regional cooperatives. The corporate headquarters are located in Omaha, Nebraska.
— Ag Processing Inc.
Source: Online/SZK
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