HB1315: Biofuel tax credits.

Legislative Summary

Biofuel tax credits. Provides tax credits for: (1) the sale of higher ethanol blend; and (2) the: (A) sale of blended biodiesel or renewable diesel; and (B) blending of biodiesel or renewable diesel. Provides that the amount of the higher ethanol blend tax credit is $0.05 per gallon of higher ethanol blend sold at the taxpayer's fueling station. Provides that the total amount of higher ethanol blend tax credits that may be awarded for a state fiscal year may not exceed $10,000,000. Provides that the amount of the tax credit for blended biodiesel or renewable diesel is computed as follows: (1) $0.05 per gallon of blended biodiesel or renewable diesel of at least 5% but not more than 10%: (A) sold at the taxpayer's fueling station; or (B) sold by a distributor directly to the final user. (2) $0.10 per gallon of blended biodiesel or renewable diesel that is more than 10% but not more than 20%: (A) sold at the taxpayer's fueling station; or (B) sold by a distributor directly to the final user. (3) $0.18 per gallon of blended biodiesel or renewable diesel that is more than 20%: (A) sold at the taxpayer's fueling station; or (B) sold by a distributor directly to the final user. (4) For a person who blends biodiesel or renewable diesel the product of: (A) $0.035; multiplied by (B) the number of gallons of blended biodiesel or renewable diesel that is more than 5% and produced by blending biodiesel or renewable diesel at a terminal located in Indiana. Provides that the tax credit for blended biodiesel or renewable diesel is refundable. Provides that the total amount of blended biodiesel or renewable diesel tax credits that may be awarded for a state fiscal year may not exceed $5,000,000.