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Wednesday, November 20, 2024

House Republicans seek feedback on biofuel tax policy from industry stakeholders

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Rep. Carol Miller, U.S. Representative for West Virginia 1st District | Twitter Website

Rep. Carol Miller, U.S. Representative for West Virginia 1st District | Twitter Website

Congresswoman Carol Miller, along with Congressmen Randy Feenstra and Adrian Smith, and other members of the U.S. House Ways and Means Committee, have reached out to stakeholders for input on biofuel tax policy. This move follows significant changes made by the Inflation Reduction Act of 2022, which was enacted without Republican involvement.

The committee aims to gather feedback to improve these provisions in support of domestic energy production and rural economic development. The Supply Chains and Rural America Tax Teams are leading this initiative.

“Once again, the Democrat elites have ignored the American people," stated Congresswoman Miller. She emphasized the importance of engaging with stakeholders affected by energy tax credits.

Congressman Feenstra highlighted the significance of biofuels as an economic driver in Iowa and across the Midwest. He stressed that revisions made in 2022 lacked Republican input, prompting a request for information from biofuel producers and farmers to refine tax policies.

Congressman Smith pointed out that biofuels are crucial for American energy abundance but criticized the Biden administration's handling of guidance and standards in this area. He advocated for more stakeholder input to improve tax credits.

Congresswoman Fischbach expressed pride in representing biofuel producers in Minnesota and underscored the importance of stakeholder dialogue in shaping effective tax credit regulations.

Congressman LaHood noted Illinois' role as a major corn and soybean producer, stressing support for biofuels as part of restoring America's energy independence.

Lastly, Congresswoman Tenney remarked on soliciting input from key stakeholders to enhance domestic energy production and rural economic development under their America First agenda.

The request for information is available online for those interested in contributing their perspectives.

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