South Dakota Governor Mike Rounds has signed SB 148 into law which provides for a tax incentive for fuel blended with biodiesel.This legislation will create a 2-cent per gallon tax break for approximately 40 million gallons of taxable diesel fuel blended with at least 5% biodiesel.
“As diesel costs continue to skyrocket, this tax break will help ease the pain at the pump for consumers while helping to develop our state's biodiesel industry,” said Gov. Rounds. “Biodiesel is an ideal alternative to petroleum-based fuel. It will not reduce mileage, and because of its increased lubricity, it is better for the engine.”The tax break will be paid for by transferring $800,000 from the Petroleum Release Compensation Fund reserve to the Highway Trust Fund this year. The tax break will end in the quarter after 35 million gallons of taxed biodiesel and biodiesel-blended fuel are sold after the effective date.
“Biodiesel will help decrease our dependency on expensive foreign oil, it will help protect our environment, and promote South Dakota's economy,” said Gov. Rounds. “I look forward to the day when Wall Street investors will look at the cost of a bushel of corn or soybeans rather than the price of a barrel of foreign oil.”Source: South Dakota state website
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