2005 Year in Review

Soybean Weekly Update

Source: Illinois Soybean Association; Illinois Soybean Checkoff Board; 1605 Commerce Parkway; Bloomington, Illinois 61704; (309) 663-7692 telephone; (309) 663-6981 fax; www.ilsoy.org

- Biodiesel: Every Step Forward is a Step Forward - Legislation that supports biodiesel continues to move forward at the federal level, a few steps at a time. And every step forward brings biodiesel supporters closer to the goal of creating more and more demand for biodiesel. On May 25, the U.S. Senate Energy Committee approved a Renewable Fuels Standard (RFS) amendment that is attached to the Energy Bill, which creates an eight billion gallon RFS to be phased in by 2012, starting with four billion gallons in 2006. The next step is to have the amendment pass the full Senate, then the full Energy Bill. Congress passed their version of the Energy Bill in April Once the Senate passes their version, the differences will be debated in conference hopefully giving the Energy Bill time to be voted on before the legislature adjourns in the Fall.

- Biodiesel on the Tax Side: Still More Steps - In an effort to stabilize demand for biodiesel, the Illinois Soybean Association through its affiliation with the American Soybean Association (ASA) is appealing to Congress to extend the tax incentive for biodiesel to 2010. Extension of the tax incentive will serve as a driver for biodiesel production. Potential biodiesel producers and suppliers are reluctant to commit long-term capital investments to the fuel – fearing markets for biodiesel will be stripped if the tax incentives are allowed to expire. Currently, the tax incentive is a federal excise tax credit that equates to one cent per percent of biodiesel in a fuel blend. The tax incentive went into effect January 1, 2005 and expires December 31, 2006. ASA is joined by a variety of supporters, including National Corn Growers Association, John Deere & Company and Volkswagen.

- On the Checkoff Side: Absentee Ballots Now Available for July Election – Absentee ballots for the July 7 Checkoff elections become available this week. If a grower will be absent from one of the six districts that will have elections, he or she is encouraged to obtain the absentee ballot from the Director of the Illinois Department of Agriculture. The deadline to return the ballot to the Department of Agriculture is 5:00 p.m. on July 5. Candidates have declared and will be on the ballots for four districts.

- Two Checkoff Districts Still Need Candidates – Two districts that will hold Checkoff Board elections on July 7 are still without official candidates. Interested parties may declare their candidacy as write-in candidates by requesting an “intent to declare” form. The form is available from the Director of the Illinois Department of Agriculture and must be notarized and returned to the Director’s office by end of business on July 5. Those districts still needing candidates are District 1 (Boone, Carroll, DeKalb, Jo Daviess, Lee, Ogle, Stephenson and Winnebago Counties) and District 5, which include Fulton, Knox, Marshall, Peoria, Putnam and Tazewell Counties.

by  Editor, theCity1.com
June 14, 2005