June 11, 2024
BY Dave Collings
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The Senate Finance Committee on June 17 released legislation that extends the 45Z credit but proposes changes that would cut the value of the credit by 20% for fuels made from imported feedstocks and alter the value of the credit for SAF.
The California Assembly on May 23 voted 71 to zero in favor of a bill that aims to expedite the development of up to three SAF projects by allowing the governor to streamline legal challenges resulting from certain environmental review procedures.
U.S. Treasury Secretary Scott Bessent on June 12 committed to implementing upcoming changes to the 45Z clean fuel production credit “in the most robust way” and ensuring foreign actors do not have a backdoor into the program.
In May, U.S. Grains Council Chairwoman Verity Ulibarri and USGC President and CEO Ryan LeGrand traveled to Beijing and Hong Kong, China to meet with key industry counterparts and join the USDA’s Agribusiness Trade Mission.
Total U.S. biofuels production, including ethanol, renewable diesel, biodiesel and other biofuels, including SAF, averaged a record 1.39 million barrels per day last year, according to data released by the U.S. EIA on June 9.