Ohio House Of Representatives Approves Bill To Increase E15 Sales Via Biofuel Tax Credit

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The Ohio House of Representatives has approved House Bill 324, a bill that introduces a temporary non-refundable tax credit of 5 cents per gallon on sales of E15 and higher blended biofuels.

Ohio House Of Representatives Approves Bill To Increase E15 Sales Via Biofuel Tax Credit
Ohio House Of Representatives Approves Bill To Increase E15 Sales Via Biofuel Tax Credit (Photo: X)

 

Ohio House Of Representatives passed a new bill

Ohio House Of Representatives passed and approved a bill, created and measured by State Representatives Riordan McClain and Roy Klopfenstein. The new bill passed by the Ohio House Of Representatives aims to increase the availability of this cost-saving, and Ohio-produced fuel across the state.

Ohio House Of Representatives passed and approved a bill that will make the tax credit available to all businesses selling fuel encompassing at least 15% ethanol (E15). The incentive will be temporary and will expire once $10 million has been credited or after four years.

E15 is not a new product, but its availability has been bottled up since it entered the market and the Ohio House of Representatives hopes that this temporary tax credit will increase its availability across Ohio State.

Read Also: New Mexico State House Passes Advance Bill To Lower Income Taxes And Reign In Tax Break Investments

Ohio House Of Representatives passed and approved House Bill 324 with strong bipartisan support and now moves to the Ohio Senate

Even though Ohio is among the top 10 states for ethanol production, most of the fuel produced in the state is exported to other states. Presently, only 60 stations in the state offer the fuel, compared to more than 2,300 stations nationwide.

Ohio is home to seven ethanol plants that provide great-paying jobs for more than 40 people and produce 90 million gallons of bioethanol yearly.

Read: Minnesota Senate Tax Bill: Chair Rest Stands Firm Against Tax Increases

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