All four of Iowa’s House GOP lawmakers raised thousands of dollars in donations from donors involved in developing a carbon dioxide pipeline, according to campaign finance records, before the House GOP debt ceiling bill paid taxes on carbon storage. Worked to protect the deduction.
The Iowa Union (Rep. Randy Feenstra, Ashley Hinson, Marianette Miller-Meeks, and Zak Nunn) will remove language in which colleagues roll back tax credits to support carbon pipelines, according to Until then, he refused to support the Republican Party’s Limit, Conserve, and Grow Act. many report.narrowly defined act passed it The House of Representatives is near partisan vote President Joe Biden and House Speaker Kevin McCarthy’s final debt ceiling does not mention tax credits handle.
Iowa’s representatives each receive significant amounts of campaign funds from: stand out Republican Donor Bruce Rastetter, CEO and Co-Founder of Summit Agricultural Group investment whose company affiliate, Summit Carbon Solutions proposed a carbon pipeline project in the state.Nan’s campaign received $6,600 in February, Hinson’s and mirror meeks The political action committee and campaign received $11,600 and $5,800, respectively, in late March, but Feenstra’s campaign and related committees recently received According to federal filings, Rastetter’s donation for March 2021 was $15,800.
Feenstra, who had not received a donation from Rastetter himself since March 2021, received a combined $1,400 from the President of Summit Agriculture Group towards the end of the year. Eric Peterson President of Summit Ag Investors and member of the Board of Directors of Summit Carbon Solutions Justin Kirchhoffstarting at $1,500 Matthew ViningCEO of fellow pipeline developers Navigator CO2, according to in federal filings. Most of the navigators 1,300 miles The Hartland-Greenway Pipeline will be installed in Iowa. (Related: California Conservation Group Sends Lawmakers to Exhaust-Spreading Airplanes to Study ‘Climate’ Policy, Green Tech)
“Generally the biggest beneficiaries are [of the pipelines] Thomas Jones of the conservative American Accountability League, describing Mr. Rastetter as a “mega-donor” who is “dedicated” to defending the tax credit, said in a statement to the newspaper. DCNF. “The losers will be the family farmers whose pipeline will destroy generations of farms. If huge wealth shifts from working-class taxpayers to wealthy corporations, federal taxpayers will lose money. will suffer.”
Summit Carbon Solutions was suggested With approximately 2,000 miles of pipeline through five states, and 680 miles in Iowa alone, this capture Investigate emissions from ethanol production facilities before ultimately isolating them deep underground on a North Dakota site. These pipelines will enable the 34 partnering ethanol production facilities to be net-zero by 2030, meeting increasingly stringent state and federal requirements for low-carbon fuel production. Helps you stay compliant with federal regulations. according to to the company.
The Section 45Q credits supporting these pipelines were first introduced in 2008, but will be dramatically expanded by President Joe Biden’s Inflation Control Act of 2022, increasing the number of projects covered and allowing permanent storage. A $85 credit was provided for each tonne of carbon dioxide produced. underground, according to to the International Energy Agency. Together, these credits could generate nearly $2 billion annually for pipeline development companies Summit, Navigator CO2 Ventures and Wolf Carbon Solutions, totaling approximately $23 billion over the 12 years during which projects are eligible to benefit from the program. could reach the dollar. according to This is according to a report by the business watchdog group Food & Water Watch.
Jess Mazur, executive director of the Iowa chapter of the Sierra Club, an environmental group that opposes the pipeline, said, “I think that’s why we’re not seeing the support of so many elected leaders, both federal and state. ‘ said. DCNF. “They have already been bought.”
In the February survey, entrusted By the Iowa Renewable Fuels Association (IRFA) – I support Tax Cuts on Carbon Pipelines — If Iowa’s ethanol industry did not take advantage of tax credits to help build carbon pipelines, the state would lose 75% of its total ethanol production, or $10.2 billion annually over five years. It turned out to be a loss. 10 years. Summit Carbon Solutions spokeswoman Jesse Harris cited the report in a statement to the DCNF, highlighting the industry’s importance to the Iowa economy.
“I think it’s important to take a step back and highlight why these policies are so important to the Midwest economy,” Harris said. “Here in Iowa, the ethanol industry supports 50,000 jobs, contributes $6.1 billion to the state’s GDP annually, generates more than $3 billion in annual household income, and purchases 57% of the corn grown in Iowa. It is an important factor in land and commodity prices, and carbon capture projects will protect and strengthen this industry.”
Beyond the ethanol industry, Rastatter’s Summit Ag has ties to China. FS$115 million ethanol partnership Between Summit and Brazilian grain company Fiagril. Fiagrill was acquired by Chinese company Hunan Dakang in 2016 and received a $300 million loan from the Chinese government’s China Development Bank (CBD) in 2019, which is in financial trouble until 2022. The purpose was to support the company. according to to Reuters.
The offices of Feenstra, Hinson, Miller-Meeks, and Nunn did not respond to DCNF questions about whether the funding from Rastetter affected their position on the related tax credits. Harris said the summit was happy to have “the whole delegation” of Iowa standing up for the ethanol industry, and that any member of the “bipartisan team” would donate to a political candidate of their choice. He said it was “welcome” to do so, including “Rastetter, who has made a donation.” …at the federal, state and local levels for decades. ”
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