S.3188 - Biodiesel Tax Incentive Reform and Extension Act of 2016114th Congress (2015-2016)
|Sponsor:||Sen. Grassley, Chuck [R-IA] (Introduced 07/13/2016)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 07/13/2016 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5085) (All Actions)|
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Summary: S.3188 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (07/13/2016)
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.