HB 529 Modifies provisions relating to tax credits

     Handler: Hoskins

Current Bill Summary

- Prepared by Senate Research -


SS/SCS/HCS/HB 529 - For all tax years beginning on or after January 1, 2022, this act authorizes a tax credit for retail dealers selling higher ethanol blend at the retail dealer's service station, as such terms are defined in the act. The credit shall be equal to five cents per gallon of higher ethanol blend sold and dispensed through metered pumps at the service station during the tax year. The tax credit shall be nontransferable and nonrefundable. The total amount of tax credits authorized under the act in a given fiscal year shall not exceed $4 million.

This act shall sunset on December 31, 2027, unless reauthorized by the General Assembly.

This act is identical to SCS/SB 140 (2021) and substantially similar to HB 601 (2021).

For all tax years beginning on or after January 1, 2022, this act authorizes a tax credit for retail dealers selling biodiesel blends at retail service stations, as set forth in the act. The credit shall be equal to two cents per gallon of biodiesel blend of at least 5% but not more than 10% sold or five cents per gallon of biodiesel blend in excess of 10%. The tax credit shall be nontransferable and refundable. The total amount of tax credits authorized under the act in a given fiscal year shall not exceed $20 million.

The Department of Revenue may work with the Division of Weights and Measures to validate that the biodiesel blend a retail dealer claims for the tax credit authorized under the act contains a sufficient percentage of biodiesel fuel for the tax credit being claimed.

Nothing in the act shall be construed to mandate the sale of biodiesel blends in Missouri.

This act shall sunset on December 31, 2027, unless reauthorized by the General Assembly.

This act is similar to SCS/SB 96 (2021).

JAMIE ANDREWS

SA #1: CHANGES THE TITLE TO "TAX CREDITS" AND REPEALS A PROVISION REQUIRING THE REVIEW OF AND APPROVAL OF NEW TAX CREDITS.

SA #2: CHANGES THE CAP ON THE TAX CREDIT FOR BIODIESEL BLENDS FROM $20 MILLION A YEAR TO $16 MILLION A YEAR.


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