S. 1076

A bill to amend the Internal Revenue Code of 1986 to extend the excise tax and income tax credits for the production of biodiesel.

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II

109th CONGRESS

1st Session

S. 1076

IN THE SENATE OF THE UNITED STATES

May 19, 2005

Mrs. Lincoln (for herself and Mr. Talent) 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 extend the excise tax and income tax credits for the production of biodiesel.

1.

Extension of the excise tax and income tax credits for the production of biodiesel

(a)

Excise tax credit

(1)

In general

Section 6426(c)(6) of the Internal Revenue Code of 1986 is amended by striking 2006 and inserting 2010.

(2)

Conforming amendment

Section 6427(e)(3)(B) of such Code is amended by striking 2006 and inserting 2010.

(b)

Income tax credit

Section 40A(e) of the Internal Revenue Code of 1986 is amended by striking 2006 and inserting 2010.