Clean Fuels backs Inflation Reduction Act
Clean Fuels Alliance America says the Inflation Reduction Act, passed by the US Senate this week, provides needed support for the biofuels industry.
Kurt Kovarik, Vice President of Federal Affairs with Clean Fuels, says the legislation extends the existing biodiesel and renewable diesel tax incentive through 2024. “It was scheduled to expire at the end of this year,” he said. “Extending it out for two years as a straight extension, and then three years as a Clean Fuel Production Credit, provides that certainty for our industry.”
Kovarik says the bill also funds new biofuel infrastructure and agriculture product market expansion through 2031.
He tells Brownfield the US House is expected to take up the bill later this week. “This is a strictly partisan bill,” Kovarik said. “It passed with only Democrat votes in the Senate. We anticipate there will not be any Republican support for the bill in the House, but it is still expected to pass there. Then it will be on to the President for his signature sometime after Friday.”
The Renewable Fuels Association also supports the legislation, saying it will stimulate growth and investment in the use of low-carbon renewable fuels.