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.”
Dr. Michael Lang-Meier, a senior author on the report, will join us live at 12 PM ET for a full breakdown of the report.
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The White House’s plan calls for a nearly 20 percent reduction in the USDA’s budget, which would impact various food and agriculture aid programs.
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More Farms File for Bankruptcy As Strong Farm Loan Demand Boosts Bank Earnings
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North Carolina Farmer Trey Braswell joined us to discuss the White House Easter Egg Roll, his company’s continued involvement, and efforts to expand access to eggs nationwide.
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