Authorizes the Administrator to waive, or a renewable fuel manufacturer to petition the Administrator to waive, the lifecycle greenhouse gas emission reduction requirements for renewable fuel production if the requirements: (1) are the primary or contributing factor of a failure to achieve the applicable renewable fuels standard for biomass-based diesel, conventional biofuel, cellulosic biofuel, or advanced biofuel; (2) are causing economic harm within the biofuels industry; or (3) are increasing U.S. dependence on foreign oil.

Authorizes a renewable fuel manufacturer to petition the Administrator to certify an innovative production method that may result in lower lifecycle greenhouse gas emissions relative to the baseline lifecycle greenhouse gas emissions of a renewable fuel. Considers a petition to be approved if the Administrator does not approve or deny it within 90 days of its receipt.

Requires states that implement a low-carbon fuel standard or similar policy that requires a reduction in lifecycle greenhouse gas emissions for renewable fuels to apply a similar lifecycle greenhouse gas emission baseline to the baseline used for the federal renewable fuel standard. Requires measurements taken under a state standard to be based on observable data relating to the direct lifecycle greenhouse gas emissions from the renewable fuel.