Biodiesel Tax Credit Extension Act of 2019

Bill: 116-hr-2089
Sponsor: full_name: Rep. Finkenauer, Abby [D-IA-1]
Introduced: 2019-04-04
Policy area: Taxation
Subjects: Alternative and renewable resources

Income tax credits

Motor fuels

Sales and excise taxes
Latest action: action_date: 2019-04-04
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2019-04-04
action_desc: Introduced in House
text: <p><b>Biodiesel Tax Credit Extension Act of 2019</b></p> <p>This bill extends the following tax provisions through 2019: the income tax credit for biodiesel and renewable diesel used as fuel, the excise tax credit for biodiesel mixtures, and the payments that are equivalent to the excise tax credit for biodiesel mixtures.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 2089 IN THE HOUSE OF REPRESENTATIVES April 4, 2019 Ms. Finkenauer (for herself, Mrs. Axne , Mr. Kind , Mr. Kelly of Pennsylvania , Mr. Smith of Nebraska , Ms. DeLauro , Mrs. Walorski , Mr. LaHood , Mrs. Craig , Mr. Loebsack , Mr. Danny K. Davis of Illinois , Mrs. Bustos , Mr. Pascrell , and Mr. Larson of Connecticut ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to extend for 2 years tax credits with respect to biodiesel and renewable diesel.

1. Short title This Act may be cited as the Biodiesel Tax Credit Extension Act of 2019 . 2. Biodiesel and renewable diesel (a) Income tax credit (1) In general Section 40A(g) of the Internal Revenue Code of 1986 is amended by striking December 31, 2017 and inserting December 31, 2019 . (2) Effective date The amendment made by this subsection shall apply to fuel sold or used after December 31, 2017. (b) Excise tax incentives (1) Termination (A) In general Section 6426(c)(6) of such Code is amended by striking December 31, 2017 and inserting December 31, 2019 . (B) Payments Section 6427(e)(6)(B) of such Code is amended by striking December 31, 2017 and inserting December 31, 2019 . (2) Effective date The amendments made by this subsection shall apply to fuel sold or used after December 31, 2017. (3) Special rule for 2018 Notwithstanding any other provision of law, in the case of any biodiesel mixture credit properly determined under section 6426(c) of the Internal Revenue Code of 1986 for the period beginning on January 1, 2018, and ending on December 31, 2018, such credit shall be allowed, and any refund or payment attributable to such credit (including any payment under section 6427(e) of such Code) shall be made, only in such manner as the Secretary of the Treasury (or the Secretary’s delegate) shall provide. Such Secretary shall issue guidance within 30 days after the date of the enactment of this Act providing for a one-time submission of claims covering periods described in the preceding sentence. Such guidance shall provide for a 180-day period for the submission of such claims (in such manner as prescribed by such Secretary) to begin not later than 30 days after such guidance is issued. Such claims shall be paid by such Secretary not later than 60 days after receipt. If such Secretary has not paid pursuant to a claim filed under this subsection within 60 days after the date of the filing of such claim, the claim shall be paid with interest from such date determined by using the overpayment rate and method under section 6621 of such Code.