To amend the Internal Revenue Code of 1986 to prohibit the use of foreign feedstocks for purposes of the clean fuel production credit, and for other purposes.
About This Bill
Committee
Latest Action · September 24, 2024
Referred to the House Committee on Ways and Means.
The Farmer First Fuel Incentives Act modifies the federal tax credit for clean fuel production by requiring that fuels must be made from feedstocks grown or produced in the United States to qualify for the incentive, effectively restricting the use of imported raw materials. The bill extends the clean fuel production credit program from its current expiration date of December 31, 2027 to December 31, 2034, providing a longer timeline for the tax benefit. These changes take effect for fuels sold after December 31, 2024. The legislation primarily affects fuel producers and farmers, as it incentivizes domestic agricultural production for fuel manufacturing while protecting American farmers from foreign competition. The bill does not specify new direct funding but uses existing tax credit mechanisms to support domestic feedstock use.
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