Articles Tagged with ''Treasury Department''

Across the biofuel industry, some sectors are optimistic the Biden administration's framework for the key 45Z tax credit will boost clean fuel production and support farmers. However, the proposals are not a slam-dunk, and groups are preparing to continue advocacy with the new Trump team.

Treasury Secretary-designate Scott Bessent told lawmakers in his confirmation hearing that he would protect U.S. farmers from any tariff retaliation by pushing China to live up to its purchasing commitments under the phase one deal.

The renewable natural gas industry is looking for ways to alter a Biden administration tax credit so manure digesters can benefit from a tax credit meant to incentivize clean hydrogen production. 

The Treasury Department on Friday proposed long-awaited guidance for the new  biofuel tax credit known as 45Z, appearing to limit the use of imported cooking oil but omitting key eligibility requirements for agriculture-based feedstocks.

Today could be a big day for the biofuel industry. The Treasury Department is expected to release highly anticipated interim guidance for the valuable new clean fuel tax credit known as 45Z, industry sources say.

Producers worried that they would have to file ownership reports with the Treasury Department next month got a reprieve Thursday when a federal appeals court reinstated an injunction blocking enforcement of the new requirement.

A federal judge in Texas has blocked the federal government from requiring small businesses, including farms, to start filing reports disclosing their ownership. The disclosure requirement, which the judge described as “quasi-Orwellian,” is intended to combat money laundering and other financial crimes.