Biofuel Groups Urge Treasury To Issue Guidance On 45Z Tax Credit
A group of 25 trade organizations, including the Advanced Biofuels Business Council, American Biogas Council, Clean Fuels Alliance America, Coalition for Renewable Natural Gas, Growth Energy, Renewable Fuels Association, and SAF Coalition, on May 15 sent a letter to Treasury Secretary Janet Yellen urging the agency to release guidance for the 45Z clean fuels production tax credit and any necessary updated GREET models.
The 45Z clean fuels production tax credit was created by the Inflation Reduction Act and is scheduled to take effect next year. The technology-neutral tax credit aims to support the decarbonization of the highway transportation, maritime, rail, aviation and home heating sectors.