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Shining Light on Farm & Food Policy for 20 Years.
Thursday, November 21, 2024
The Treasury Department released long-awaited guidance for a new tax credit for sustainable aviation fuel. Ethanol-derived SAF would be eligible as long as the corn is produced with three climate-smart farming practices.
It could take years for sustainable aviation fuels to take off despite significant, but temporary, new tax credits included in a newly enacted package of financial incentives intended to jump-start progress on the Biden administration’s climate goals.
The biofuel tax incentives in President Joe Biden’s Build Back Better bill could insure a growing market for soybean oil and other farm commodities, but the trucking industry worries the subsidies will kick off a war with the airlines over feedstocks.
Congressional Democrats, who are already struggling to agree on their signature Build Back Better spending plan, face the even more immediate task of averting a government shutdown and default.
A key House Democrat is promising to help fix language in a package of green energy tax incentives that could block U.S. farm commodities from benefiting from a new tax credit for renewable jet fuel.
