109 HR 6354 IH: To amend the Internal Revenue Code of 1986 to increase the credit for biodiesel used as a fuel. U.S. House of Representatives 2006-12-05 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 2d Session H. R. 6354 IN THE HOUSE OF REPRESENTATIVES December 5, 2006 Mr. Burgess 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 increase the credit for biodiesel used as a fuel.

1.

Increase in per gallon rate for biodiesel credit

(a)

Income tax credit

Paragraphs (1)(A) and (2)(A) of section 40A(b) of the Internal Revenue Code of 1986 (defining biodiesel mixture credit and biodiesel credit) are both amended by striking 50 cents and inserting $1.00. (b)

Excise tax credit

Paragraph (2) of section 6426(c) of such Code (relating to biodiesel mixture credit) is amended to read as follows: (2)

Applicable amount

The applicable amount is $1.00.. (c)

Conforming amendments

(1)Section 40A(b) of such Code is amended by striking paragraph (3) and redesignating paragraphs (4) and (5) as paragraphs (3) and (4), respectively. (2)Section 40A(d)(3)(C)(ii) of such Code is amended by striking subsection (b)(5)(B) and inserting subsection (b)(4)(B). (3)Paragraphs (2) and (3) of section 40A(e) of such Code are both amended by striking subsection (b)(5)(C) and inserting subsection (b)(4)(C). (4)Section 40A(f)(2) of such Code is amended to read as follows: (2)

Exception

Subsection (b)(4) shall not apply with respect to renewable diesel. . (d)

Effective dates

(1)

In general

Except as provided by paragraph (2), the amendments made by this section shall apply with respect to fuel sold or used in taxable years beginning after the date of the enactment of this Act. (2)

Excise tax

The amendment made by subsection (b) shall apply with respect to any sale, use, or removal after the date of the enactment of this Act.