US Treasury Secretary Steven Mnuchin publicly backed Senator Chuck Grassley’s (R-IA) co-authored reform of the biodiesel tax credit.
The bipartisan bill, which is titled the American Renewable Fuel and Job Creation Act of 2017, extends the clean-fuel incentive for three years, and reforms the incentive by transferring the tax credit from biofuel blender to producer.
“US tax policy should support US products and US jobs,” Grassley said in late April when the Bill was first introduced.
“This bipartisan bill would end a system that gives many foreign producers a leg up over US producers and gives certainty to the biodiesel industry, which is responsible for employing thousands of Americans.”
On Thursday, Mnuchin said in a response to a Grassley led question at a Finance Committee hearing on the Fiscal Year 2018 budget that “[The Bill] sounds like a good plan, and we look forward to working with you on the details of that.”
The bill was first introduced by Sens. Grassley and Maria Cantwell (D-Wash.).
Senator’s co-sponsoring the bill are Pat Roberts (R-Kan.), Mazie Hirono (D-Hawaii), Roy Blunt (R-Mo.), Sheldon Whitehouse (D-R.I.), Joni Ernst (R-Iowa), Heidi Heitkamp (D-N.D.), John Thune (R-S.D.), Tom Udall (D-N.M.), Martin Heinrich (D-N.M.), Jeanne Shaheen (D-N.H.), Amy Klobuchar (D-Minn.), Al Franken (D-Minn.), Joe Donnelly (D-Ind.) and Patty Murray (D-Wash.).
A transcript of the exchange between Sen. Grassley and US Treasury Secretary Mnuchin can be seen here.