H.R. 3272

Biodiesel, Renewable Diesel, and Alternative Fuels Extension Act of 2021

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I

117th CONGRESS

1st Session

H. R. 3272

IN THE HOUSE OF REPRESENTATIVES

May 17, 2021

Mr. Costa (for himself and Mr. Valadao) 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 biodiesel and renewable diesel incentives, and for other purposes.

1.

Short title

This Act may be cited as the Biodiesel, Renewable Diesel, and Alternative Fuels Extension Act of 2021.

2.

Extension of biodiesel and renewable diesel incentives

(a)

Income tax credit

(1)

Extension

Subsection (g) of section 40A of the Internal Revenue Code of 1986 is amended by striking December 31, 2022 and inserting December 31, 2025.

(2)

Phasedown

Subsection (b) of section 40A of such Code is amended by adding at the end the following:

(5)

Phasedown

In the case of taxable years beginning after 2022, paragraphs (1)(A) and (2)(A) shall each be applied by substituting for $1.00 the following:

(A)

$0.75 for taxable years beginning in 2023, and

(B)

$0.50 for taxable years beginning after 2023.

.

(b)

Excise tax incentives

(1)

Credit

Paragraph (6) of section 6426(c) of such Code is amended by striking December 31, 2022 and inserting December 31, 2025.

(2)

Payments

Subparagraph (B) of section 6427(e)(6) of such Code is amended by striking December 31, 2022 and inserting December 31, 2025.

(3)

Phasedown

Paragraph (2) of section 6426(c) of such Code is amended by inserting before the period at the end the following: ($0.75 for fuel sold or used in 2023 and $0.50 for fuel sold or used after 2023).

(c)

Effective date

The amendments made by this section shall apply to fuel sold or used after December 31, 2021.

3.

Extension of excise tax credits relating to alternative fuels

(a)

Extension of alternative fuels excise tax credits

(1)

In general

Paragraph (5) of section 6426(d) and paragraph (3) of section 6426(e) of the Internal Revenue Code of 1986 are each amended by striking December 31, 2021 and inserting December 31, 2025.

(2)

Outlay payments for alternative fuels

Subparagraph (C) of section 6427(e)(6) of such Code is amended by striking December 31, 2021 and inserting December 31, 2025.

(3)

Phasedown

(A)

Alternative fuel credit

Paragraph (1) of section 6426(d) of such Code is amended by inserting (37.5 cents for fuel sold or used in 2023 and 25 cents for fuel sold or used after 2023) after 50 cents.

(B)

Alternative fuel mixture credit

Paragraph (1) of section 6426(e) of such Code is amended by inserting (37.5 cents for fuel sold or used in 2023 and 25 cents for fuel sold or used after 2023) after 50 cents.

(b)

Effective date

The amendments made by this section shall apply to fuel sold or used after December 31, 2021.