Biden signs Inflation Reduction Act
President Biden has signed the Inflation Reduction Act into law.
During a ceremony Tuesday afternoon, Biden said the bill will invest nearly $370 billion to take the most aggressive action ever on confronting the climate crisis, “It’s going to allow us to boldly take additional steps to meeting my climate goals and the ones we set out when we ran.”
The Inflation Reduction Act includes numerous biofuel provisions and extends the biodiesel tax credit through 2024.
Minnesota Democrat Angie Craig, a member of the House Agriculture Committee, tells Brownfield the bill expands voluntary, incentive-based conservation programs and gives the Renewable Fuel Standard a boost.
“If you’d told me a year ago we would’ve been passing a piece of legislation as transformational for our farming and rural communities as this, I wouldn’t have believed you. But I’m so proud to have gotten this bill across the finish line.”
American Coalition for Ethanol CEO Brian Jennings says this sweeping legislation recognizes the roles farmers and biofuel producers can play in reducing greenhouse gas emissions and helps assure them they can earn a return on the investments they make to innovate and help reduce emissions.
Brooke Appleton with the National Corn Growers Association says through the bill, Congress and the administration recognized farmers’ voluntary climate-smart agricultural practices are an important part of addressing climate change.