Michigan tax credit bill passes Ag Committee
The Michigan legislation that would create a tax credit for retailers offering E15 and other ethanol blends has moved forward. The State’s Senate Ag Committee passed the bill Thursday morning and advanced it to the full Senate for consideration.
The legislation has the support of farm groups and the Michigan Agri-Business Association, which say ethanol is one of the most important markets for the state’s corn and would save consumers money at the pump.
If passed and signed by Governor Gretchen Whitmer, the new law would offer a five-cent per gallon credit for selling E15 and 8.5 cents per gallon for selling E85 to help offset the cost of putting in pumps and tanks for the fuel.
Less than a dozen fuel retailers in Michigan currently offer the higher ethanol blends.
Emily Boynton from POET says similar legislation is being considered in Minnesota, Missouri, Nebraska, Indiana, and Ohio.