Alex Reuss, 402-471-1970
Justin Pinkerman, 402-471-1967
Press release :
Governor Ricketts signs legislation to encourage rural development and promote ethanol sales
Governor Ricketts (who owns the bill), state senators, agricultural leaders,
and renewable fuels advocates celebrate the signing of LB 1261st.
Video of today’s invoice signing is available by clicking here.
LINCOLN– Today Governor Pete Ricketts signed LB 1261st in a ceremony at the Nebraska State Capitol. LB 1261e extends the Nebraska Advantage Rural Development Act, which was scheduled to expire at the end of 2022. The bill also expands the Nebraska Advantage Rural Development Incentive Program to provide ten times the amount of tax credits available annually for eligible investments in rural Nebraska. .
LB 1261e includes provisions of LB 596 to provide tax credits to fuel retailers selling E15 or higher ethanol blends. Retailers can apply to the Nebraska Department of Revenue for a credit of 5 cents on each gallon of E15 sold and 8 cents per gallon of E25 or higher blends sold.
“LB 1261e will help expand Nebraska agriculture and attract investment to our rural communities,” Governor Ricketts said. “The bill also encourages fuel retailers to offer higher blends of ethanol. Increasing ethanol use saves drivers money at the pump, cleans up our environment, and creates opportunities for our farmers and ranchers.
Senator Dave Murman of Glenvil introduced LB 1261st. Senator Joni Albrecht of Thurston introduced LB 596, known as the Higher Blend Tax Credit Act. The content of Senator Albrecht’s bill has been incorporated into LB 1261e.
Video of today’s bill signing ceremony is available by clicking here.