Two key factors determine the fate of biofuel tax credits

Senate Majority Leader John Thune says the future of biofuel tax credits, including those for sustainable aviation fuel and biodiesel, will come down to two key factors: getting enough votes and finding the right energy strategy.

“As we work through reconciliation, there’ll be some give and take, and obviously, conversations around some of the energy policies and provisions that are in place today. I think most of us up here agree that an ‘all of the above’ energy strategy when it comes to American energy’s the right one, but, at the end of the day, it’s about making America energy, not only energy independent, but energy dominant.”

Four Senate Republicans recently urged Thune to take a careful approach when reviewing tax incentives from the Inflation Reduction Act. Many in the party want to scale back clean energy credits to help pay for extending the 2017 tax cuts, which were passed under President trump’s first term.

Related Stories
The agriculture workforce’s struggles with labor issues in recent years have opened the door to more automation and integration of artificial intelligence (AI).
Raising crops requires hard work and dedication, and the same can be said for raising a child. In Virginia, a group of moms is leading the way in combining nurturing with farming.
The amendments affect BLM lands in several Western states. Comments on the Sage grouse proposals can be made to the BLM National NEPA Register until Oct. 3.
Mike Formica with the National Pork Producers Council joined us on Market Day Report with his reaction to the EPA’s rollback of a Biden-era wastewater discharge mitigation plan.
FarmHER + RanchHER host Kirbe Schnoor joined us on Market Day Report to talk about the show’s seventh season, which premieres Thursday night only on RFD-TV!

LATEST STORIES BY THIS AUTHOR:

RFD-TV farm legal and taxation expert, Roger McOwen, joins us with his perspective on what farmers can expect from the delayed aid package.
Microsoft’s partnership with the National FFA Organization is helping future ag leaders gain the tools they need to drive innovation in farming and beyond.
U.S. Senator Joni Ernst (R-IA) joined us on Wednesday’s Market Day Report to share why Ames is uniquely positioned to support expanded USDA operations.
Iowa land values dropped 3% year-over-year. Sen. Chuck Grassley said this discomforting pattern is a harbinger of crisis for farmers, as seen in the 1980s.
Prepare for tighter cash flow, delayed capital buys, and policy-driven risk management this fall.