H.R.1279 - To amend the Internal Revenue Code of 1986 to provide tax incentives for the use of biodiesel as a fuel.108th Congress (2003-2004)
Summary: H.R.1279 — 108th Congress (2003-2004)
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.
Introduced in House (03/13/2003)
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.