H.R. 4070 · 111th Congress

To amend the Internal Revenue Code of 1986 to modify the incentives for the production of biodiesel.

Stage
In committee
Introduced
2009-11-16
Latest action
2009-11-16 · Introduced in House

Summary

Amends the Internal Revenue Code to revise the income and excise tax credits for biodiesel used as fuel to: (1) allow a $1.00 tax credit for each gallon of biodiesel produced; (2) provide for an increased income tax credit for small biodiesel producers; (3) revise the definitions of "biodiesel" and "small biodiesel producer"; (4) treat renewable diesel in the same manner as biodiesel for income tax purposes; and (5) treat biodiesel as a taxable fuel for excise tax purposes. Extends the biodiesel income and excise tax credits through December 31, 2014.