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Vilsack addresses biofuels tax credit concerns at Growth Energy Summit
U.S. Ag Secretary Tom Vilsack says he’d like to see guidance from his agency on the 45Z tax credit issued before the end of December.
During this morning’s Growth Energy Biofuels Summit, Vilsack said he’s pressing his agency to finish its standards for what qualifies in the credit as soon as possible.
“I think there’s just a genuine effort and interest on behalf of the administration to get this done done before January 20th,” he says. “It’s on the top of my list.”
The input will be used as part of the U.S. Treasury’s final guidance to the 45Z tax credit taking effect in 2025.
Vilsack says 260 comments were received during the request for information on Procedures for Quantification, Reporting, and Verification of Greenhouse Gas Emissions Associated With the Production of Domestic Agricultural Commodities Used as Biofuel Feedstocks.
When asked about possible restrictions to foreign feedstocks used in aviation fuel production, Vilsack said a complete ban is not the answer when considering possible trade implications.
“If you want to ban something and say you can’t use this, you need to know what the reaction is going to be and whether you’re ok with that reaction,” he says. “Because if that reaction is we’re not going to buy your corn, we’re not going to buy your soybeans. We’re not going to buy your ethanol. We’re not going to buy your pork. We’re not going to buy your beef. Are you ok with that?”
The letter is supported by American Farm Bureau Federation, National Farmers Union, National Oilseed Processors Association, American Soybean Association, National Corn Growers Association, Growth Energy, Scoular, and Louis Dreyfus Company.
A similar letter was sent by members of the U.S. Senate in July.
