S. 3440

Emergency Biodiesel Tax Incentive Extension Act of 2010

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II

111th CONGRESS

2d Session

S. 3440

IN THE SENATE OF THE UNITED STATES

May 27 (legislative day, May 26), 2010

Mr. Grassley 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 incentives for biodiesel and renewable diesel.

1.

Short title

This Act may be cited as the Emergency Biodiesel Tax Incentive Extension Act of 2010.

2.

Incentives for biodiesel and renewable diesel

(a)

Credits for biodiesel and renewable diesel used as fuel

Subsection (g) of section 40A of the Internal Revenue Code of 1986 is amended by striking December 31, 2009 and inserting December 31, 2010.

(b)

Excise tax credits and outlay payments for biodiesel and renewable diesel fuel mixtures

(1)

Paragraph (6) of section 6426(c) of the Internal Revenue Code of 1986 is amended by striking December 31, 2009 and inserting December 31, 2010.

(2)

Subparagraph (B) of section 6427(e)(6) of the Internal Revenue Code of 1986 is amended by striking December 31, 2009 and inserting December 31, 2010.

(c)

Effective date

The amendments made by this section shall apply to fuel sold or used after December 31, 2009.