Details
| SF 531 is the culmination of a number of drafts and meetings between biofuel producers and retailers as well as interested consumers. ABI primary focused efforts to make sure no consumer was mandated to buy any particulare fuel. As passed, SF 531 extends the biofuels tax credit sunset from December 31, 2011, to December 31, 2017, and eliminates the requirement that a retailer’s diesel gallon sales must meet a threshold of at least 50.0% biodiesel. Creates a per gallon production payment for each gallon of pure biodiesel produced in the State by a qualified manufacturer. The production payment is financed through a State refund process. Eliminates the ethanol fuel phase-down of the current E-85 credit and replaces it with a 16 cent per gallon credit effective January 1, 2012, through December 31, 2017. Creates a new tax credit for ethanol blends between E-15 and E-69 (E-70 to E-85 is defined as E-85). The bill also takes $3 million from the Underground Storage Tank (UST) Program annual allocation and devotes it to the Renewable Fuels Infrastructure Board now administered by Dept of Ag. |
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Multiple effective dates. |
