Full name of Instrument & Measure (English):
Tax Increase Prevention Act of 2014, Subtitle C—Energy Tax Extenders
Description:
sec. 152. Extension of second generation biofuel producer credit; Sec. 153. Extension of incentives for biodiesel and renewable diesel; Sec. 155. Extension of credits with respect to facilities producing energy from certain renewable resources; Sec. 157. Extension of special allowance for second generation biofuel plant property; Sec. 160. Extension of excise tax credits relating to certain fuels.
Second generation biofuel producer that is registered with the IRS (Internal Revenue Service) may be eligible for a tax incentive in the amount of up to $1.01 per gallon of second generation biofuel that is:
- sold and used by the purchaser in the purchaser's trade or business to produce a second generation biofuel mixture;
- sold and used by the purchaser as a fuel in a trade or business;
- sold at retail for use as a motor vehicle fuel;
- used by the producer in a trade or business to produce a second generation biofuel mixture;
- or used by the producer as a fuel in a trade or business.
preceded by HR8 PUBLIC LAW 112–240 American Taxpayer Relief Act of 2012 (sec. 402,404,405,407)
Goal/Aim:
Increase the share of (advanced) biofuels in transport.
Responsible Authority:
Internal Revenue Service (IRS)