The Fuels Parity Act would change federal renewable fuel standards by removing a prohibition that currently excludes ethanol made from corn starch from counting as an "advanced biofuel." This change would allow corn-based ethanol to qualify for advanced biofuel credits under the Clean Air Act, potentially benefiting corn farmers and ethanol producers. The bill also requires the Environmental Protection Agency to update its methodology for measuring greenhouse gas emissions from corn ethanol and biomass-based diesel within 90 days of the law's passage and every five years afterward, using the latest scientific models to assess environmental impacts. The changes would take effect beginning with the first calendar year after the bill is enacted, with no specific funding amounts specified in the legislation.
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