Rep. Bird voted in favor of House Bill 324, legislation that will create a temporary non-refundable tax credit on sales of E15 and higher blended biofuels of 5 cents per gallon.
The credit will be available to all businesses selling fuel containing at least 15% ethanol (E15). The tax credit will sunset when either $10 million is credited or four years have passed.
The Buckeye State is in the top 10 states of ethanol production, but most of the fuel produced in Ohio is exported to other states, as only 60 stations in Ohio offer the fuel compared to more than 2,300 stations nationwide.
In 2021, Ohio ranked 49th in ethanol blend rates among the states. The benefits of high-blend ethanol fuels are numerous. On average, they are 3-10 cents per gallon cheaper than non-blended or lower blended fuels for consumers and burn cleaner with lower emissions than non-blended or lower blended fuels.
House Bill 324 passed with strong bipartisan support and moves to the Ohio Senate for further consideration.
|