H.R.5240 - Biodiesel Tax Incentive Reform and Extension Act of 2016114th Congress (2015-2016)
|Sponsor:||Rep. Noem, Kristi L. [R-SD-At Large] (Introduced 05/13/2016)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 05/13/2016 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.5240 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (05/13/2016)
Biodiesel Tax Incentive Reform and Extension Act of 2016
This bill amends the Internal Revenue Code to modify and extend: (1) the income tax credit for biodiesel and renewable diesel used as fuel, and (2) the excise tax credit for biodiesel fuel mixtures.
The bill: (1) makes the credits available to domestic producers of the fuels rather than the policy under current law of providing a mixture credit to the blender of the fuel, (2) increases the income tax credit for certain small biodiesel producers, and (3) extends the credits through 2019.