The US Department of Treasury has agreed to revise its proposed rules for implementing the revised Section 48 Investment Tax Credit (ITC) of the Inflation Reduction Act.
The revision will ensure the final language promotes the conversion of biogas into renewable natural gas to support American manufacturing innovation, the waste management industry and American farmers.
In January, Ohio Senator Sherrod Brown called on the Treasury Department to correct the errors in its proposed rule for revised Section 48 Investment Tax Credit to ensure that the credit included investments in “gas upgrading equipment” – which is necessary and essential to create renewable natural gas.
The Treasury Department responded on 16 February, agreeing to make the revision Brown was calling for.
The Senator is continuing to push the Treasury Department to make sure the rules recognise the complexity in ownership structures for the emerging renewable natural gas industry, and that it allows for growth by removing the factional ownership requirement.
“Correcting these proposed rules will help convert these waste materials into renewable fuel that can be used to power farms, households, and businesses across the country,” said Brown.
"We need to do all we can to support American manufacturing innovation and American farmers while expanding energy options and reducing emissions.”
US Treasury revises rule to “support American biogas manufacturing”
