Bill > H2610

This bill establishes a tax credit for individuals and businesses that purchase renewable motor fuel or biofuel in Massachusetts. Renewable motor fuel is defined as a combustible liquid derived from sources like grain starch, oilseed, animal fat, or other biomass, or produced from non-fossilized decaying organic matter, which can be used in internal combustion engines. Biofuel is defined as any fuel blend that is at least 20% renewable motor fuel by volume. The bill allows for a deduction of up to $1,000 for individuals and up to $2,500 for businesses from their adjusted gross income when determining taxable income, specifically for the cost of these fuels purchased within the Commonwealth during the taxable year. The commissioner of revenue is tasked with creating the necessary rules and regulations to implement this new tax deduction.