S.1589 - Biodiesel Tax Incentive Reform and Extension Act of 2009

A bill to amend the Internal Revenue Code of 1986 to modify the incentives for the production of biodiesel. view all titles (2)

All Bill Titles

  • Short: Biodiesel Tax Incentive Reform and Extension Act of 2009 as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to modify the incentives for the production of biodiesel. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
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08/06/09
 
 
 
 
 
 
 

Official Summary

Biodiesel Tax Incentive Reform and Extension Act of 2009 - 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

Official Summary

Biodiesel Tax Incentive Reform and Extension Act of 2009 - 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.

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