Biodiesel, Renewable Diesel, and Alternative Fuels Extension Act of 2021

Bill: 117-hr-3272
Sponsor: full_name: Rep. Costa, Jim [D-CA-16]
Introduced: 2021-05-17
Policy area: Taxation
Latest action: action_date: 2021-05-17
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-05-17
action_desc: Introduced in House
text: <p><b>Biodiesel, Renewable Diesel, and Alternative Fuels Extension Act of 2021</b></p> <p>This bill extends and modifies the tax credits for biodiesel, renewable diesel, and alternative fuels. </p> <p>The bill extends through 2025 (1) the income tax credit for biodiesel and renewable diesel used as fuel, (2) the excise tax credit for biodiesel mixtures, (3) the excise tax credit for alternative fuels, (4) the excise tax credit for alternative fuel mixtures, and (5) the payments that are equivalent to the excise tax credits for biodiesel mixtures and alternative fuels. </p> <p>Beginning in 2023, the bill phases down the credits for biodiesel, biodiesel mixtures, alternative fuels, and alternative fuel mixtures by reducing the credits by specified amounts. </p>

tv_txt: I 117th CONGRESS 1st Session H. R. 3272 IN THE HOUSE OF REPRESENTATIVES May 17, 2021 Mr. Costa (for himself and Mr. Valadao ) 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 biodiesel and renewable diesel incentives, and for other purposes.

1. Short title This Act may be cited as the Biodiesel, Renewable Diesel, and Alternative Fuels Extension Act of 2021 . 2. Extension of biodiesel and renewable diesel incentives (a) Income tax credit (1) Extension Subsection (g) of section 40A of the Internal Revenue Code of 1986 is amended by striking December 31, 2022 and inserting December 31, 2025 . (2) Phasedown Subsection (b) of section 40A of such Code is amended by adding at the end the following: (5) Phasedown In the case of taxable years beginning after 2022, paragraphs (1)(A) and (2)(A) shall each be applied by substituting for $1.00 the following: (A) $0.75 for taxable years beginning in 2023, and (B) $0.50 for taxable years beginning after 2023. . (b) Excise tax incentives (1) Credit Paragraph (6) of section 6426(c) of such Code is amended by striking December 31, 2022 and inserting December 31, 2025 . (2) Payments Subparagraph (B) of section 6427(e)(6) of such Code is amended by striking December 31, 2022 and inserting December 31, 2025 . (3) Phasedown Paragraph (2) of section 6426(c) of such Code is amended by inserting before the period at the end the following: ($0.75 for fuel sold or used in 2023 and $0.50 for fuel sold or used after 2023) . (c) Effective date The amendments made by this section shall apply to fuel sold or used after December 31, 2021. 3. Extension of excise tax credits relating to alternative fuels (a) Extension of alternative fuels excise tax credits (1) In general Paragraph (5) of section 6426(d) and paragraph (3) of section 6426(e) of the Internal Revenue Code of 1986 are each amended by striking December 31, 2021 and inserting December 31, 2025 . (2) Outlay payments for alternative fuels Subparagraph (C) of section 6427(e)(6) of such Code is amended by striking December 31, 2021 and inserting December 31, 2025 . (3) Phasedown (A) Alternative fuel credit Paragraph (1) of section 6426(d) of such Code is amended by inserting (37.5 cents for fuel sold or used in 2023 and 25 cents for fuel sold or used after 2023) after 50 cents . (B) Alternative fuel mixture credit Paragraph (1) of section 6426(e) of such Code is amended by inserting (37.5 cents for fuel sold or used in 2023 and 25 cents for fuel sold or used after 2023) after 50 cents . (b) Effective date The amendments made by this section shall apply to fuel sold or used after December 31, 2021.