On Tuesday, July 9, 2024, U.S. Treasury Secretary Yellen testified earlier than the U.S. Home Monetary Providers Committee in a listening to titled, “The Annual Testimony of the Secretary of the Treasury on the State of the Worldwide Monetary System.” Because the biofuels business awaits steerage from the U.S. Treasury on 45Z, the Clear Fuels Manufacturing Tax Credit score, two members of the Monetary Providers Committee took this chance to ask Secretary Yellen in regards to the timing of the steerage and the substance of the credit score to make sure it really works for American agriculture. Have a look:
Rep. Zach Nunn (R-Iowa)
Rep. Nunn: In that vein of setting deadlines, one of many issues I’d ask Treasury is, will Treasury have the ability to meet their November 1st, 2024 rulemaking deadline on 45Z, the clear gas manufacturing credit score?
Secretary Janet Yellen: Um, they’re working. That is the successor to the sustainable fuels…
Rep. Nunn: That’s appropriate.
Secretary Yellen: In order that’s one thing that Treasury is engaged on. I can’t provide you with a precise – there are various…
Rep. Nunn: I hope you meet your deadline, Madame Secretary, since you’ve laid out a really strict $500 a day deadline for small companies in Iowa that work largely in renewable fuels. I hope that Treasury can meet its personal deadline that you just laid out of November 1st.
Rep. Mike Flood (R-Neb.)
Earlier than I start, I need to make a quick assertion on one thing that’s—admittedly, not throughout the scope of this specific listening to—however is essential to my district and agriculture producers throughout the nation. With the 45Z Clear Gas Manufacturing credit score going into impact in lower than 5 months, Nebraska’s agriculture and power producers want full and correct steerage promptly.
I used to be upset to see Treasury launch steerage in April for the 40B Sustainable Aviation Gas Credit score that rejected the very best accessible scientific knowledge and tied the fingers of our nation’s ag producers with an unworkable, one-size-fits-all, limitation.
Nebraska’s farmers don’t want the federal authorities to return in on the eleventh hour and dictate which practices are acceptable and never acceptable. I’ll proceed to advocate for larger flexibility that absolutely acknowledges the function Nebraska’s producers play in the way forward for transportation fuels and for an all-of-the-above power coverage that places our farmers first. I plan to submit some questions, madame secretary, for the document on this problem and would admire a fast response.
We’re grateful to our champions for persevering with to carry Treasury to a well timed and correct 45Z credit score.
