The U.S. Treasury Department on Tuesday issued a proposed rule governing how biofuel makers can access a $1-per-gallon tax credit for low-carbon transportation fuels, including aviation fuel. The rule was welcomed by biofuel trade groups that said the plan could provide more certainty for producers of ethanol, biodiesel and other products seeking the credit.
Tax Policy
Trump Says 25% Canada, Mexico Tariffs ‘Going Forward’
Reuters’ David Lawder and Andrea Shalal reported that “President Donald Trump said on Monday that tariffs on Canadian and Mexican imports are ‘on time and on schedule’ despite efforts by the countries to beef up border security and halt the flow of fentanyl into the U.S. ahead of a March 4 deadline. ‘The tariffs are […]
Trump Commerce Pick Increases Concerns of China Trade War
AgWeb’s Jim Wiesemeyer reported Wednesday that “President-elect Donald Trump’s selection of Howard Lutnick, the CEO of Cantor Fitzgerald, as Commerce Secretary highlights plans to leverage tariffs in trade negotiations, with Lutnick emphasizing their use as both a revenue source and bargaining tool.” “Lutnick has called the tariffs a negotiating tool that could be used to […]
Trump Threatens Deere with 200% Tariff over Production Move to Mexico
Reuters’ Gram Slattery and Kanishka Singh reported that “Donald Trump said on Monday he would slap a 200% tariff on John Deere’s imports into the United States if the company moved production to Mexico as planned, comments that hit the agricultural equipment manufacturer’s share price. Earlier this year, John Deere announced that it was laying […]
Clean Fuels Tax Credit to Be Finalized By January, Ag Secretary Says
Reuters’ Leah Douglas reported Tuesday that “U.S. Agriculture Secretary Tom Vilsack said on Tuesday he is confident that a clean fuels tax credit program set to take effect in 2025 will be finalized by end of the Biden administration in January.” “The program would provide credits for the production of lower-emission transportation fuels, including sustainable […]
Biden Admin Releases SAF Tax Credit Rules for Biofuels
Reuters reported Tuesday evening that “President Joe Biden’s administration on Tuesday released guidance on its sustainable aviation fuel (SAF) subsidy program that allows corn-based ethanol to qualify for the program if it is sourced from farms using climate-friendly growing techniques.” “SAF can be made from corn, soy or other agricultural products,” Reuters reported. “But to […]
Interest Deduction Tax Proposal Concerns Farmers
Richard Rubin reported yesterday at The Wall Street Journal Online that, “Republicans looking to rewrite the U.S. tax code are taking aim at one of the foundations of modern finance—the deduction that companies get for interest they pay on debt. That deduction affects everyone from titans of Wall Street who load up on junk bonds to pay for multibillion-dollar corporate takeovers to wheat farmers in the Midwest looking to make ends meet before harvest. Yet a House Republican proposal to eliminate the deduction has gotten relatively little sustained public attention or lobbying pressure.”