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Farmer First Fuel Incentives Act

10/10/2024, 1:43 PM

Summary of Bill S 5145

The Farmer First Fuel Incentives Act, also known as Bill 118 s 5145, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide incentives for farmers to use renewable fuels in their agricultural operations.

The bill proposes a number of measures to achieve this goal. Firstly, it would establish a grant program to help farmers purchase equipment and infrastructure needed to produce and use renewable fuels on their farms. This could include things like biodiesel processors, ethanol storage tanks, or electric tractors.

Additionally, the bill would provide tax credits to farmers who produce renewable fuels on their farms, such as biodiesel or ethanol. These tax credits would help offset the costs of producing these fuels and make them more competitive with traditional fossil fuels. Overall, the Farmer First Fuel Incentives Act aims to support farmers in transitioning to more sustainable and environmentally friendly fuel sources. By providing financial incentives and support, the bill seeks to promote the use of renewable fuels in agriculture and reduce the carbon footprint of farming operations.

Current Status of Bill S 5145

Bill S 5145 is currently in the status of Bill Introduced since September 24, 2024. Bill S 5145 was introduced during Congress 118 and was introduced to the Senate on September 24, 2024.  Bill S 5145's most recent activity was Read twice and referred to the Committee on Finance. as of September 24, 2024

Bipartisan Support of Bill S 5145

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
12
Democrat Cosponsors
8
Republican Cosponsors
4
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 5145

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 5145

Farmer First Fuel Incentives Act
Farmer First Fuel Incentives Act
A bill 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.

Comments

Pearl Watts profile image

Pearl Watts

561

1 year ago

I don't get why they're pushing this bill, what's the point of it? Seems like another waste of taxpayer money. Who really benefits from this anyway?