Bill > LB8

This bill modifies the Sustainable Aviation Fuel Tax Credit by making several key changes to the state's tax credit provisions. Specifically, the bill changes the first year the credit is available from 2027 to 2028, transforms the credit from a nonrefundable to a refundable credit, and eliminates previous limitations on the number of years the credit can be claimed and the annual amount available for the credit. The tax credit is designed to incentivize producers of sustainable aviation fuel by providing financial support for their production. To qualify for the credit, producers must register with the state department and provide certification from an unrelated party demonstrating compliance with specific international aviation carbon offsetting and reduction scheme requirements or similar methodological standards. The bill also updates several related sections of tax code to incorporate the sustainable aviation fuel credit into existing tax credit frameworks, ensuring it is treated similarly to other industry-specific tax credits in the state. These changes aim to encourage the production and use of sustainable aviation fuel by making the tax credit more accessible and financially beneficial for producers.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59343