TAPP Writes to U.S. Treasury to Finalize Rules, as Proposed, on 45Z Biofuels Production Tax Credit
The Trade Alliance to Promote Prosperity today wrote a letter to the U.S. Treasury Department requesting finalization of rules pertaining to the 45Z biofuels production tax credit.
In part, TAPP wrote, “The Midwest is the center of American biofuel production because generations of investment have created an integrated agricultural and energy economy. Farmers grow the feedstocks… This ecosystem is not simply important to the Midwest. It is a strategic American asset. Global energy competition is intensifying, and the countries that develop reliable domestic energy supply chains will enjoy significant economic and strategic advantages. America’s biofuel industry allows us to compete using resources we produce here at home rather than becoming more dependent on foreign energy, foreign supply chains, or foreign industrial capacity. Strengthening Midwest biofuel production means strengthening America’s ability to compete in global energy markets… The Trade Alliance to Promote Prosperity strongly supports Treasury’s proposed approach and urges the Department to finalize the Section 45Z rules as written.”