H.R. 4940

Renewable Fuels Reinvestment Act

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I

111th CONGRESS

2d Session

H. R. 4940

IN THE HOUSE OF REPRESENTATIVES

March 25, 2010

Mr. Pomeroy (for himself, Mr. Shimkus, Ms. Herseth Sandlin, Mr. Johnson of Illinois, Mr. Latham, Mr. Hare, Mr. Peterson, Mr. Braley of Iowa, Mr. Loebsack, Mr. Boswell, Mr. King of Iowa, Mr. Walz, Mr. Schock, Mr. Lee of New York, Ms. Markey of Colorado, Mr. Moore of Kansas, Mr. Salazar, Mrs. Halvorson, Mr. Graves, Mr. Ellsworth, Mr. Davis of Illinois, Mrs. Emerson, Mr. Davis of Alabama, Mr. Luetkemeyer, Mr. Terry, Ms. Kaptur, Mr. Costello, Mr. Hill, Mr. Foster, and Mr. Kirk) 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 certain tax incentives for alcohol used as fuel and to amend the Harmonized Tariff Schedule of the United States to extend additional duties on ethanol.

1.

Short title

This Act may be cited as the Renewable Fuels Reinvestment Act.

2.

Extension of income tax credit for alcohol used as fuel

(a)

In general

Paragraph (1) of section 40(e) of the Internal Revenue Code of 1986 is amended—

(1)

by striking December 31, 2010 in subparagraph (A) and inserting December 31, 2015, and

(2)

by striking January 1, 2011 in subparagraph (B) and inserting January 1, 2016.

(b)

Cellulosic biofuel

Subparagraph (H) of section 40(b)(6) of such Code is amended by striking January 1, 2013 and inserting January 1, 2016.

(c)

Reduced amount for ethanol blenders

Paragraph (2) of section 40(h) of such Code is amended by striking 2010 and inserting 2015.

(d)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.

3.

Extension of excise tax credit for alcohol used as fuel

(a)

In general

Paragraph (6) of section 6426(b) of the Internal Revenue Code of 1986 is amended by striking December 31, 2010 and inserting December 31, 2015.

(b)

Effective date

The amendment made by this section shall take effect on the date of the enactment of this Act.

4.

Extension of additional duties on ethanol

Headings 9901.00.50 and 9901.00.52 of the Harmonized Tariff Schedule of the United States are each amended in the effective period column by striking 1/1/2011 and inserting 1/1/2016.