“Simply put, without immediate safe harbor guidance, the entire biodiesel supply chain could grind to a halt, resulting in lost farm income, laid off workers, unrealized carbon reductions, higher prices for consumers and greater energy imports,” the group of Iowa biodiesel producers said in a letter submitted to the US Treasury Department on Friday September 20.
On January 2, 2025, the CFPC, or 45Z, credit will replace the US blenders’ tax credit (BTC). However, many specifics of the credit still remain unclear, and this has left many producers unable to project their feedstock needs and biodiesel production volumes going forward.
The Iowa Renewable Fuels Association’s letter followed a September 18 meeting between Midwest congressional officials and the Treasury Department, during which the latter did not provide a timeline for finalizing the rule and did not commit to providing any interim safe harbor guidance.
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