118 S5582 IS: Biodiesel Tax Credit Extension Act of 2024 U.S. Senate 2024-12-18 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.

II118th CONGRESS2d SessionS. 5582IN THE SENATE OF THE UNITED STATESDecember 18 (legislative day, December 16), 2024Mr. Tillis (for himself, Mr. Ricketts, Mr. Grassley, Mrs. Fischer, and Ms. Ernst) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to extend the biodiesel fuels credit and the biodiesel mixture credit.

1.

Short title

This Act may be cited as the Biodiesel Tax Credit Extension Act of 2024.

2.

Extension of biodiesel and renewable diesel credit and biodiesel mixture credit

(a)

Extension of biodiesel and renewable diesel credit

(1)

In general

Section 40A(g) of the Internal Revenue Code of 1986 is amended by striking 2024 and inserting 2025.(2)

Denial of double benefit

Section 40A of such Code is amended—(A)by redesignating subsection (g) (as amended by paragraph (1)) as subsection (h), and(B)by inserting after subsection (f) the following new subsection:(g)

Denial of Double Benefit

In the case of any fuel with respect to which a credit is allowed under section 45Z(a) for any taxable year, the amount determined under this section with respect to such fuel shall be zero..(b)

Extension of biodiesel mixture credit

(1)

Extension of credit for fuels used for taxable purposes

(A)

In general

Section 6426(c)(6) of the Internal Revenue Code of 1986 is amended by striking 2024 and inserting 2025.(B)

Denial of double benefit

Section 6426(c) of such Code is amended by adding at the end the following new paragraph:(7)

Denial of double benefit

In the case of any fuel with respect to which a credit is allowed under section 45Z(a) for any taxable year, the applicable amount determined under this paragraph (2) with respect to such fuel shall be zero..(2)

Extension of credit for fuels not used for taxable purposes

Section 6427(e)(6)(B) of such Code is amended by striking 2024 and inserting 2025.(c)

Effective date

The amendments made by this section shall apply to fuel sold or used after December 31, 2024.