Ohio Soybean Association Thanks U.S. Treasury for New Guidance on Biofuel Credit
January 10, 2025
The Ohio Soybean Association (OSA) commends the U.S. Department of the Treasury for the release of new guidance surrounding the 45Z biofuel tax credit. The guidance addresses key aspects of biofuel production and outlines the eligibility criteria for claiming the credit, benefiting soybean farmers by further strengthening the market demand for soy-based biofuels.
Most notably, the new guidance prohibits imported used cooking oil from being eligible for the credit, addressing a major concern brought forward by OSA. However, the guidance does not address potential sustainability practice requirements for crops like soybeans.
“We are deeply appreciative of the Treasury’s efforts to establish a clearer framework for the 45Z biofuel credit and further protect U.S.-grown feedstocks,” said Rusty Goebel, president of the Ohio Soybean Association and Williams County farmer. “We ask that swift clarity is provided regarding any potential on-farm practices required for soy-based biofuels to qualify for the credit.”
The Ohio Soybean Association remains committed to working with the Treasury to ensure that farmer contributions to the biofuels industry are fully recognized and supported.
