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Coalition of Senators urge Treasury to place restrictions on Biofuels Tax Credit
Sixteen U.S. Senators have signed a bipartisan letter urging the U.S. Treasury to restrict 45Z tax credits to biofuels that only use domestically sourced feedstocks.
In a release Wednesday, Senator Roger Marshall of Kansas said the tax credit, as currently written, incentivizes foreign used cooking oil over homegrown soybean and corn oil and fails to provide a verification method on potential fraudulent imports.
The coalition of Senators is urging clarification before Jan. 1, when the tax credit becomes effective.
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