This bill extends and clarifies tax credits for producers of second-generation biofuels, which are advanced fuels made from non-food sources like agricultural waste and algae. The legislation prevents companies from claiming duplicate tax benefits by specifying that biofuel producers cannot use both the alcohol fuels credit and the newer clean fuel production credit for the same fuel. The bill extends the alcohol fuels credit for second-generation biofuels by one year, from January 1, 2025 to January 1, 2026, ensuring the credit remains available through 2025 for qualifying producers. These changes apply to biofuel production occurring after December 31, 2024. The bill was introduced in November 2024 and referred to the House Committee on Ways and Means for consideration.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.