A bill to amend the Internal Revenue Code of 1986 to allow a credit against income tax for facilities using a qualified methane conversion technology to provide transportation fuels and chemicals.
Capitalizing on American Methane Act of 2017
This bill amends the Internal Revenue Code to: (1) include in the tax credit for investment in a qualifying gasification project any qualified methane conversion technology, and (2) allow an alternative fuel excise tax credit for liquid fuel produced through qualified methane conversion technology at a facility the construction of which begins before October 1, 2027. The bill defines "qualified methane conversion technology" as a process for the molecular conversion of a fuel consisting principally of methane into hydrocarbons and the use of such hydrocarbons to replace or reduce the quantity of petroleum present in motor vehicle fuel and for the production of chemicals.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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