With just days left in office, the Biden Administration has released information about the 45-Z tax credit. However, biofuels groups argue the plan lacks critical details.
When it comes to renewable fuels, the Treasury Department says used cooking oil will not be included in the 45-Z credit, and they say that is to help limit concerns around mislabeled oils. In addition, the Energy Department is also expected to update the GREET model, which will determine the emissions rated for 45-Z.
Industry groups say they are disappointed by the release, saying it lacks key details farmers need.
The Renewable Fuels Association’s Geoff Cooper says, “We do not believe this guidance alone will spur the investment, innovation, and job creation in the clean fuels sector that Congress and the Administration intended. It simply isn’t bankable, investable, or otherwise actionable for the vast majority of biofuel producers.”
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Julie Callahan was nominated earlier this summer by President Donald Trump, and U.S. Trade Representative Jamieson Greer told lawmakers she is ready to hit the ground running.
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A permanent national E15 standard would boost corn demand, lower fuel costs, and provide a stable path for U.S. energy security.
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American Soybean Association President Caleb Ragland shares the soybean sector outlook following the announcement of farm aid to offset losses for U.S. row crop growers.
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Sen. Deb Fischer, of Nebraska, mentioned that Congress pushing through year-round E15 sales will do more to help commodity growers than more farm aid, which is currently a reality.
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