A proposal released today by the U.S. Department of Treasury on a tax
credit designed to help the biofuel industry sell into the aviation
sector was met with positive reception among the nation’s corn growers.
“Treasury’s proposal is a definite step in the right direction and will
allow corn growers to transition into and supply the aviation sector,”
said Ohio farmer and National Corn Growers Association President Jed
Bower. “Being able 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. Today’s 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 look for any and all
avenues to secure and enhance markets for corn,” Bower said. “This
administration has shown that it understands the importance of biofuels
to American farmer’s future, this proposal confirms that.”
Bower said he hopes 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. He said NCGA will provide
comments on the proposal and participate in the public hearing May
28th.
Read more from the NCGA here.