Nebraska Gov. Pete Ricketts signs bill encouraging ethanol use

LINCOLN, Neb. (KLKN) – Gov. Pete Ricketts signed a bill Tuesday that he says will help combat rising gas prices by promoting ethanol sales in Nebraska.

LB 1261e will extend the Nebraska Advantage Rural Development Act, which was set to expire at the end of 2022.

The Nebraska Advantage Rural Development incentive program was also expanded to provide 10 times the amount of annual tax credits for investments in rural Nebraska.

“We are an agricultural state,” Ricketts said. “It’s the heart and soul of what we do. Twenty percent of our state’s economic out-engine is tied to agriculture. About one in four jobs in Nebraska are tied to agriculture. If we are going to grow Nebraska, we have to grow agriculture.”

Some provisions from LB 596 were included in LB 1261e.  These provisions will provide tax credits to ethanol retailers in the state to combat rising gas prices.

Retailers will be able to apply for a 5-cent credit on each gallon of E15 sold and 8 cents per gallon of E25 or higher blends.

“LB 1261e will help to grow Nebraska agriculture and attract investment in our rural communities,” Ricketts said in a press release.  “The bill also encourages fuel retailers to offer higher ethanol blends.  Increasing the use of ethanol saves drivers money at the pump, cleans up our environment, and creates opportunities for our farmers and ranchers.”

Categories: Nebraska News, News