HB 1080

Bill Subjects

Income Taxes, Credits Oil And Gas

Abstract

Provides tax credits for: (1) the sale of higher ethanol blend; and (2) the: (A) sale of blended biodiesel; and (B) blending of biodiesel. Provides that the amount of the higher ethanol blend tax credit is $0.05 per gallon of higher ethanol blend sold at the taxpayer's fueling station. Provides that the total amount of higher ethanol blend tax credits that may be awarded for a state fiscal year may not exceed $10,000,000. Provides that the amount of the biodiesel tax credit is computed as follows: (1) $0.05 per gallon of blended biodiesel of at least 5% but not more than 10%: (A) sold at the taxpayer's fueling station; or (B) sold by a distributor directly to the final user. (2) $0.10 per gallon of blended biodiesel that is more than 10% but not more than 20%: (A) sold at the taxpayer's fueling station; or (B) sold by a distributor directly to the final user. (3) $0.18 per gallon of blended biodiesel that is more than 20%: (A) sold at the taxpayer's fueling station; or (B) sold by a distributor directly to the final user. (4) For a person who blends biodiesel, the product of: (A) $0.035; multiplied by (B) the number of gallons of blended biodiesel that are produced by blending biodiesel at a terminal located in Indiana. Provides that the biodiesel tax credit is refundable. Provides that the total amount of biodiesel tax credits that may be awarded for a state fiscal year may not exceed $5,000,000.