Bipartisan Bill Introduced to Support Domestic Biofuel Production with 45Z Tax Credits

Sep 25, 2024, 06:35 PM

A new bipartisan bill, the Farmer First Fuel Incentives Act, has been introduced to restrict eligibility for the 45Z tax credits to renewable fuels made only from domestic feedstocks. The bill, supported by politicians from both sides of the aisle, aims to benefit American farmers, producers, and growers by ensuring that the Clean Fuel Production tax credit is structured to support domestic production. Senator Sherrod Brown and Representative Marcy Kaptur have been leading the effort, emphasizing the importance of prioritizing domestic feedstocks like soybean oil. The bill also seeks to prevent American tax dollars from supporting the importation of used cooking oil from China. Representative Finstad highlighted the benefits for Minnesota farmers and received recognition from POETbiofuels. Rusty Goebel, President of the Ohio Soybean Association, also expressed support for the bill.