The Department of Treasury released more details today about a tax credit, known as 45Z, that is designed to help the biofuel industry make inroads into the aviation sector.
While today’s news included more information, corn grower leaders said they still need better clarity about the specific environmental practices that will be required for accessing the credit.
“This is disappointing news for growers,” said Iowa Corn Growers Association President Stu Swanson. “We have continually advocated for clear guidelines from Treasury officials, working to provide them with the necessary information they need to get this done. Unfortunately, it feels like our input has gone unrecognized and this issue will now be passed to the new administration.”
The 45Z tax credit was part of the Inflation Reduction Act, which was signed into law in 2022. The law provides tax incentives to refineries that produce biofuels that can be used in commercial aircraft to lower greenhouse gas emissions.
Click here to see more...