SB323: AN ACT relating to taxation of sustainable aviation fuel, making an appropriation therefor, and declaring an emergency.

Legislative Summary

Create a new section of KRS Chapter 141 to establish the sustainable aviation fuel tax credit for taxable years beginning on or after January 1, 2023, but before January 1, 2027; compute credit based on $1.00 per gallon of qualified mixture consumed by taxpayers or $1.50 per gallon of sustainable aviation fuel consumed by taxpayers; amend KRS 141.0205 for the ordering of the tax credit; amend KRS 131.190 to allow reporting by the Department of Revenue on the credit; amend KRS 154.27-010 and 154.27-020 to allow incentives for sustainable aviation fuel facilities with a minimum investment of $3 million; create an appropriation of $10 million for economic development projects for the production of sustainable aviation fuel with a minimum investment of $100,000,000; EMERGENCY; APPROPRIATION.