Treasury Dept. Releases Proposed 45Z Credit Rules

American Farm Bureau Federation President Zippy Duvall commented on the Treasury Department proposed guidance on the 45Z Clean Fuel Production tax credit.

“We appreciate the Treasury Department moving the needle by publishing proposed guidelines for the 45Z tax credit. It’s an important step to finalize improvements protecting access for domestic feedstocks, which the guidelines specify, and promote American biofuels demand.

“However, this is just the first step. The Departments of Agriculture and Energy must now finalize guidance and resources for calculating carbon intensity scores so that the full range of Congressionally mandated improvements to the credit can be realized. This includes recognizing the many ways farmers across sectors promote stewardship by exploring additional conservation practices with potential to reduce carbon intensity scores that meet diverse agricultural needs. Encouraging the production of homegrown biofuels will not only help meet the demand for renewable energy but also fortify a farm economy that desperately needs a boost.

“America’s farmers and ranchers stand ready and willing to meet the needs of our growing energy portfolio and goal to be energy independent. We look forward to working with USDA and DOE to ensure farmers are recognized as partners in taking on the challenge.”