Bill > SB0447

This bill proposes to amend the Income Tax Act of 1967 to provide a tax credit for qualified taxpayers who produce or blend sustainable aviation fuel in Michigan and sell it to purchasers for use in aircraft departing from Michigan airports. The credit is $1.50 per gallon, with an additional $0.02 per gallon for each 1% reduction in life-cycle greenhouse gas emissions above 50%, up to a maximum of $2.00 per gallon. Taxpayers must apply for and receive certification from the Department of Environment, Great Lakes, and Energy to claim the credit, which is subject to an annual cap of $4.5 million in the first year and $9 million in subsequent years. The bill defines "sustainable aviation fuel" and establishes requirements for eligibility, including the source of the fuel and the greenhouse gas emissions reduction threshold.