H.R. 1942 — To amend the Internal Revenue Code of 1986 to provide tax incentives for the use of biodiesel as a fuel. | PoliFocus

H.R. 1942108th Congress

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

Subjects

Taxation

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.

Full Text

Legislative Actions

2003-05-01
Introduced in House
2003-05-01
Introduced in House
2003-05-01
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.
2003-05-01
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.
2003-05-01
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.
2003-05-07
Referred to the Subcommittee on Department Operations, Oversight, Nutrition and Forestry.
2003-05-07
Executive Comment Requested from USDA.

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