S. 1806

Biodiesel Tax Credit Extension Act of 2021

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II

117th CONGRESS

1st Session

S. 1806

IN THE SENATE OF THE UNITED STATES

May 25, 2021

Mr. Grassley (for himself, Ms. Cantwell, Ms. Ernst, Ms. Klobuchar, Mr. Marshall, Mrs. Shaheen, Mrs. Fischer, Mrs. Murray, Mr. Rounds, Ms. Smith, and Ms. Hirono) 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 tax incentives for biodiesel and renewable diesel.

1.

Short title

This Act may be cited as the Biodiesel Tax Credit Extension Act of 2021.

2.

Extension of tax incentives for biodiesel and renewable diesel

(a)

Income tax credit

(1)

In general

Section 40A(g) is amended by striking December 31, 2022 and inserting December 31, 2025.

(2)

Effective date

The amendment made by this subsection shall apply to fuel sold or used after December 31, 2022.

(b)

Excise tax incentives

(1)

Termination

(A)

In general

Section 6426(c)(6) is amended by striking December 31, 2022 and inserting December 31, 2025.

(B)

Payments

Section 6427(e)(6)(B) is amended by striking December 31, 2022 and inserting December 31, 2025.

(2)

Effective date

The amendments made by this subsection shall apply to fuel sold or used after December 31, 2022.