Items Tagged with 'tax credit'

Federal agencies appear to be divided over which carbon intensity model should be used for an Inflation Reduction Act tax credit meant to grow the fledgling sustainable aviation fuel industry, according to biofuel policy experts.

Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., brought new hope to the renewable fuel industry last week by resurrecting scrapped measures from last year’s Build Back Better Act into a scaled-back version of the bill.

Senate Democrats are proposing to create a new tax credit for clean fuels as part of a package of tax incentives intended to address climate change.

Congressional negotiators agreed to revive and extend through 2022 the expired $1-a-gallon tax credit that subsidizes biodiesel and renewable biodiesel production.

With one plant shutting down and others in danger of doing so, the biodiesel industry is sounding the alarm an expired tax credit has moved from a lobbying issue to an imminent threat to business.