Biofuels Would Receive $1 Bn Investment in Latest Biden Administration Proposal

The biofuels industry would receive a chunk of federal dollars as part of the latest draft of the Biden administration’s “Build Back Better Act” working its way through Congress

The updated draft of the bill includes $1 billion in funding for the USDA to provide grants during the next 10 years to expand biofuel pump infrastructure, upgrade existing tanks and pumps, and increase usage of higher blends of ethanol and biodiesel.

The act also includes a four-year extension of the biodiesel tax credit, which was set to set to expire at the end of 2022 after being revived in December 2019.

In addition, the act includes a new tax credit to support the creation and usage of sustainable aviation fuel, which is a growing market for biofuels producers. Earlier this week, Archer Daniels Midland announced it was dedicating more than half of its total ethanol-production capacity toward a new partnership with Gevo to produce sustainable aviation fuels, 

Source: https://www.dtnpf.com/