13 Dec Renew Kansas Provides Feedback to House Ways and Means Committee on Biofuel Tax Credits
On Friday, Dec. 13, 2024, Renew Kansas Biofuels Association submitted responses to a request for information on biofuel tax credit policy by the United States House of Representatives Ways and Means Committee.
On Nov. 18, 2024 Congressman Randy Feenstra, R-Iowa, of the House Ways and Means Committee released a joint letter seeking stakeholder input on biofuel tax policy.
The request for information (RFI) pertains to biofuel tax credits created by the Inflation Reduction Act of 2022 which extended the existing 40A $1 per gallon biodiesel tax credit through 2024 and created the 40B sustainable aviation fuel (SAF) tax credit and 45Z clean fuel production credit.
Renew Kansas comments focused on the significant opportunity to bolster efforts by Kansas farmers and biofuel producers to grow and manufacture renewable fuels, so long as the tax credit is a viable regulatorily and fiscally.
The comment stated, “Realizing the promise of the 45Z credit will require a workable and science-based framework that provides long-term certainty for farmers and biofuel producers to adopt technologies and Climate Smart Agricultural (CSA) practices that are often capital intensive or reduce crop yield. Biofuel producers and farmers cannot make sound business decisions when confronted with regulatory and fiscal uncertainty, both of which have been consistent in 45Z up to this point through delays in final guidance and the limited three-year window of eligibility.”