Bill > HR2867

This bill, known as the "Farmer First Fuel Incentives Act," proposes several amendments to the Internal Revenue Code related to clean fuel production credits. The bill prohibits the use of foreign feedstocks for claiming the clean fuel production credit, requiring that fuel be derived from feedstocks produced or grown in the United States, effective for transportation fuel sold after December 31, 2024. It also modifies the calculation of greenhouse gas emissions for fuel production by excluding indirect land use changes, with the emissions rate adjustments to be determined by the Secretary of the Treasury in consultation with the Environmental Protection Agency and the Department of Agriculture. Additionally, the bill extends the clean fuel production credit from December 31, 2027, to December 31, 2034, and changes the rounding of the emissions factor from 0.1 to 0.01, which could impact the calculation of tax credits for clean fuel production. These changes aim to support domestic agricultural producers and provide more precise emissions calculations for clean fuel production.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2867/all-info