At a public hearing this week, Nebraska Farm Bureau, along with other agricultural organizations, showed ...

At a public hearing this week, Nebraska Farm Bureau, along with other agricultural organizations, showed its strong support for Legislative Bill 8 (LB8), a critical piece of legislation designed to enhance Nebraska's leadership in renewable fuels. This bill bolsters Nebraska's Sustainable Aviation Fuel (SAF) Tax Credit Act to encourage innovation and economic growth in the state's renewable energy and bioeconomy sectors.

LB8 proposes key changes to the current tax credit structure, including making the credit refundable, eliminating limitations on its duration, and improving its accessibility. These adjustments will attract new investments into Nebraska's renewable fuel industry and further position the state as a key player in the growing aviation biofuels market.

The testimony emphasized that Nebraska's renewable fuel industry is a cornerstone of the state's rural economy, generating thousands of jobs and boosting farm income. By incentivizing SAF production, LB8 will spur the expansion of this vital industry to greater heights, benefiting the state's economy and Nebraska's farmers who provide the essential feedstocks such as corn and soybeans.

In addition to the economic benefits, LB8 aligns Nebraska's tax policies with federal efforts to reduce greenhouse gas emissions in aviation, amplifying the impact of both state and federal incentives. This makes Nebraska an even more attractive destination for companies seeking to invest in renewable fuel production, ensuring the state's continued growth as a leader in sustainable energy.

Nebraska Farm Bureau urged lawmakers to pass LB8, recognizing its potential to strengthen our renewable fuel industry, support rural communities, and contribute to the state's long-term environmental and economic goals.