To amend the Internal Revenue Code of 1986 to provide tax incentives for the use of biodiesel as a fuel.

Fact Sheet API

Bill Number

HR 4843

Introduced

May 23, 2002

Latest Action

Referred to the Subcommittee on Conservation, Credit, Rural Development and Research.

Sponsor

Cosponsors

Topics

Alternative fuels Business income tax Commerce Diesel motor Economics and Public Finance Energy Energy tax credits Gasoline tax Government trust funds Highway finance Income tax Oils and fats Tax cuts Tax rates Taxation Transportation and Public Works

Full Text

View Full Bill Text

Votes

Summary

Amends the Internal Revenue Code to establish a credit to promote the production and usage of biodiesel fuel. Requires a taxpayer to obtain a certification from the producer of the biodiesel which identifies the product produced in order to utilize the credit. Imposes a tax for biodiesel not used as fuel, but for which a credit was granted. Reduces motor fuel excise taxes on biodiesel mixtures.

Provides for transfers of funds from the Commodity Credit Corporation to the Highway Trust Fund in amounts equivalent to the reductions that would occur but for this Act.

Actions

Jun 4, 2002

Referred to the Subcommittee on Conservation, Credit, Rural Development and Research.
May 23, 2002

Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
May 23, 2002

Introduced in House

Amendments

Related Bills