Iowa Corn Growers Pleased with Latest 45Z Proposal
Yesterday, the U.S. Department of Treasury released their proposed 45Z tax credit designed to help the biofuel industry sell into the aviation sector. Iowa corn growers are pleased with this development and released the following statement:
“Treasury’s proposal is a definite step in the right direction and will allow corn growers to transition into and supply the aviation sector. The ability to fuel commercial planes with fuel derived from corn would be important to the long-term economic viability of farming. After today we are one step closer to that possibility.”
Last year, Congress preserved and improved aspects of the tax credit in the One Big Beautiful Bill Act. The new guidance reaffirmed many of those improvements. Corn growers said they were particularly pleased to see the direct reference to agricultural practices in the proposal.
“This is good news for farmers as we continue looking for avenues to secure and enhance markets for corn. This administration has shown that it understands the importance of biofuels to American farmer’s future, this proposal confirms that.”
ICGA hopes the Treasury will keep up the momentum by working with other agencies as they update the crucial 45Z-CF GREET model to appropriately account for farmers’ hard work. ICGA will provide formal comments on the proposal, ensuring Iowa corn farmers have a voice regarding the proposed rule to make sure they are not excluded from the process.
For More Information:
Sydney Garrett, Public Relations Manager, sgarrett@iowacorn.org, 515-225-9242