The Biden administration is considering a multi-year reduction to the nation’s biofuel mandate, a move that would surely anger farmers and biofuel interests hoping to see stronger support for the program.
Farm groups are breathing a collective sigh of relief that congressional Democrats have dropped the idea of taxing capital gains at death, preserving the benefits of stepped-up basis. But many may still need to start talking to their tax advisers about just what’s in the legislation and how it could affect their tax planning.
The Environmental Protection Agency is expected to propose trimming biofuel usage mandates for 2021, while increasing the renewable volume obligations for next year, a Capitol Hill source confirmed to Agri-Pulse.
A federal appeals court has upheld the Environmental Protection Agency’s 2019 renewable fuel volumes in the face of challenges from both the biofuels and oil industries, but also ordered EPA to re-examine the impacts of the program on the environment, particularly endangered species.