Agricultural News
RFA Thanks House for Passing Reconciliation Bill with Biofuel Incentives
Sat, 13 Aug 2022 16:42:39 CDT
The Renewable Fuels Association today thanked House leadership for retaining important biofuel provisions in the Inflation Reduction Act as it was passed today, noting these elements of the legislation will stimulate growth and investment in the use of low-carbon renewable fuels like ethanol.
“We are pleased that both houses of Congress have now recognized the important role renewable fuels like ethanol can play in bolstering our nation’s economy and accelerating decarbonization efforts,” said RFA President and CEO Geoff Cooper. “When it comes to ethanol and other renewable fuels, this bill represents the most significant federal commitment to low-carbon biofuels since the Renewable Fuel Standard was expanded by Congress in 2007. We look forward to these provisions becoming law quickly so that American families have greater access to lower-cost, American-made renewable fuels that are good for the environment, the economy, and energy security.”
Among the provisions of the bill supported by RFA are $500 million in grants for higher-blend biofuels infrastructure; extensions of several current biofuel tax credits; creation of new tax credits for clean fuel production and sustainable aviation fuel; and enhanced support for carbon capture, utilization and storage.
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