The Treasury Department and the IRS have released guidance for the Section 45Z tax credit. Fargo-based Bushel is working with Verity Holdings, a wholly owned subsidiary of the GEVO ethanol facility in Richardton, North Dakota. Bushel CEO Jake Joraanstad says this project provides farmers and biofuel companies with a simple, more secure traceability system. “If an ethanol plant wants to take advantage of these new tax opportunities, they need the tools in place for the farmer to submit a basic level of requirements.” This program links on-farm practices to carbon intensity scoring. “We’re going to make this available across the U.S. for anyone in the biofuels space or grain elevators selling into biofuel plants, whether it is ethanol, renewable diesel or soybean crush; the first one is this spring with GEVO.”
