Bill > S1252

This bill amends the Internal Revenue Code to create a tax credit and payment system to incentivize the production and use of renewable natural gas (RNG), which is a compressed or liquefied gas derived from biomass. The bill provides a $1.00 credit per gallon (or gasoline gallon equivalent) of RNG sold for use in motor vehicles, motorboats, or aviation. To qualify, the RNG must be produced by a registered producer and meet specific certification requirements. The bill allows for blended RNG to be credited under certain contractual conditions and establishes that the RNG must be produced and used within the United States. The tax credit and associated payment provisions will be in effect from the date of enactment until December 31, 2035. The legislation aims to reduce greenhouse gas emissions, improve air quality, and create economic opportunities by promoting the use of renewable natural gas as an alternative fuel source. The bill requires producers to register with the Secretary and provides mechanisms for claiming credits and receiving payments for RNG production and use.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1252/all-info