Bill > HB4847

This bill amends the Income Tax Act of 1967 in Michigan by adding sections 277a and 677a. The key provisions are: 1. For tax years 2024 through 2029, retail dealers can claim a credit against their state income tax for $0.02 per gallon of B5+ biodiesel fuel (at least 5% but not more than 10% biodiesel) and $0.05 per gallon of B11+ biodiesel fuel (more than 10% biodiesel) sold and dispensed through metered pumps. The total credits for all retail dealers are capped at $16 million per year. 2. For the same tax years, biodiesel producers in Michigan can claim a credit of $0.02 per gallon of biodiesel produced in the state, subject to a $2 million annual cap. If the total claims exceed the cap, the credit amounts are prorated. 3. Any credit amount that exceeds the taxpayer's liability will be refunded. The bill defines key terms like "biodiesel," "biodiesel blend," and "retail dealer" to provide context for the incentives.