Farmer First Fuel Incentives Act

Bill: 118-s-5145
Sponsor: full_name: Sen. Marshall, Roger [R-KS]
Introduced: 2024-09-24
Policy area: Taxation
Latest action: action_date: 2024-09-24
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 5145 IN THE SENATE OF THE UNITED STATES September 24, 2024 Mr. Marshall (for himself, Mr. Brown , Mr. Ricketts , Ms. Klobuchar , Mrs. Fischer , Ms. Baldwin , and Ms. Smith ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to prohibit the use of foreign feedstocks for purposes of the clean fuel production credit, and for other purposes.

1. Short title This Act may be cited as the Farmer First Fuel Incentives Act . 2. Prohibition on foreign feedstocks for clean fuel production credit (a) Prohibition on foreign feedstocks Section 45Z(f)(1)(A) of the Internal Revenue Code of 1986 is amended— (1) in clause (i)(II)(bb), by striking and at the end, (2) in clause (ii), by striking the period at the end and inserting , and , and (3) by adding at the end the following new clause: (iii) such fuel is derived from a feedstock which was produced or grown in the United States. . (b) Effective date The amendments made by this section shall apply to transportation fuel sold after December 31, 2024. 3. Extension of clean fuel production credit Section 45Z(g) of the Internal Revenue Code of 1986 is amended by striking December 31, 2027 and inserting December 31, 2034 .