Iowa lawmakers penned a letter to President Joe Biden and Ag Secretary Tom Vilsack to ask them to support the biofuels industry and to seek information on the impact the proposed tax changes will have on farmers. They sent the letter to remind Biden of the promise he made to support rural America by promoting renewable fuels like ethanol. In the letter, the senators and representatives point out that that the Biden administration?s proposed infrastructure bill would spend $174 billion to subsidize electric vehicles and included very little mention of the biofuel industry.
In March, Ag Secretary Tom Vilsack announced that the American Jobs Plan, Biden?s proposed $2 trillion infrastructure plan, would spend money to increase biofuel production. Iowa lawmakers want the president to acknowledge the fact that biofuels can offer a permanent energy solution to help decarbonize the transportation sector. ?Biofuels should not be treated as a transition fuel but prioritized as a fuel of the future,? the letter says.
The letter also states that the lawmakers want USDA data that shows how the proposed change in the tax law involving capital gains taxes would impact farm estates.
