Bill > S3297

This bill extends the biodiesel fuels tax credit, which provides financial incentives for producers of biodiesel (a renewable fuel made from vegetable oils or animal fats), from December 31, 2024 to May 31, 2026. The legislation amends the Internal Revenue Code to update several sections related to the biodiesel credit, including adding a provision to prevent "double benefit" by ensuring that taxpayers cannot claim both the biodiesel credit and another similar credit (section 45Z) for the same fuel. The bill also makes corresponding technical amendments to related tax code sections about fuel credits and tax payments. These changes will take effect for fuel used or sold after November 30, 2025, giving producers and businesses advance notice of the extended tax credit. By reinstating this credit, the CROP Act aims to support the biodiesel industry and encourage the production of renewable transportation fuels.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/3297/all-info