New measure expected to increase demand for ethanol-based fuels in Illinois
Source: By Country Herald • Posted: Tuesday, May 30, 2023
SPRINGFIELD, IL – A new measure poised to significantly impact the demand for ethanol-based fuels has passed the Illinois Senate.
Championed by State Senator Patrick Joyce, the legislation introduces a range of tax credits and exemptions designed to benefit Illinois farmers and bolster the state’s corn industry. The key provision of the bill raises the ethanol level required for fuel to qualify for a tax exemption on sales.
“When the demand for ethanol based fuel goes up, we see the demand for Illinois corn rise as well,” said Joyce (D-Essex). “This new tax structure will not only help farmers, but it’s also better for our environment.”
The new measure is expected to drive up the demand for ethanol-based fuels, consequently boosting the demand for Illinois corn.
The bill also includes incentives for the production and usage of cleaner-burning fuels, aligning with the growing global push for sustainability. Having garnered bipartisan support in both chambers, the bill now awaits the governor’s final approval.