A bill to amend the Internal Revenue Code of 1986 to provide a renewable liquid fuels tax credit, and for other purposes.
Last action on May 19, 2005Read twice and referred to the Committee on Finance.
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Summary
Amends the Internal Revenue Code to allow: (1) a tax credit against the gasoline excise tax for renewable liquid fuels; and (2) a business tax credit for renewable liquid used as fuel. Defines "renewable liquid" as liquid hydrocarbons derived from certain waste and byproduct streams. Terminates such credits after 2010.
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