U.S. Treasury Secretary Scott Bessent on June 12 committed to implementing upcoming changes to the 45Z clean fuel production credit “in the most robust way” and ensuring foreign actors do not have a backdoor into the program.&nbsp;Bessent briefly commented on Treasury’s plans for 45Z implementation during a Senate Finance Committee hearing focused on the president’s fiscal year 2026 budget for the Department of Treasury and tax reform.&nbsp;During the hearing, Sen. Chuck Grassley, R-Iowa, stressed that proper implementation of the 45Z credit is important to the biofuels industry and America’s farmers. He criticized the Biden administration’s implementation of the 40B sustainable aviation fuel (SAF) credit, stating that Treasury officials in that administration knew nothing about farmers.The “big, beautiful bill” passed by the U.S. House of Representatives last month included a 45Z extension and a variety of provisions updating the credit, including those limiting eligible feedstocks to those produced in the U.S., Mexico and Canada. That bill is currently under consideration by the Senate.&nbsp;Once the bill is signed by President Trump, Grassley asked Bessent if he is willing to work with lawmakers and farm groups to ensure 45Z regulations work for farmers. In response, Bessent confirmed he is committed to making sure the credit is implemented “in the most robust way, but that it does not allow for foreign actors to have a backdoor into the program.”&nbsp;A full replay of the hearing is available in the Senate Finance Committee <a href="https://www.finance.senate.gov/hearings/the-presidents-fiscal-year-2026-budget-for-the-department-of-treasury-and-tax-reform">website</a>.

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U.S. Treasury Secretary Scott Bessent on June 12 committed to implementing upcoming changes to the 45Z clean fuel production credit “in the most robust way” and ensuring foreign actors do not have a backdoor into the program. 

Grassley presses Bessent on 45Z regulations

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