SB 707 - For all tax years beginning on or after January 1, 2023, 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, 2028, unless reauthorized by the General Assembly.
This act is identical to SCS/SB 140 (2021) and to a provision contained in SS/SCS/SB 354 (2021) and SS/SCS/HB 948 (2021), and is substantially similar to HCS/HB 1695 (2022) and to a provision in CCS/SS/SCS/HCS/HB 1720 (2022), HCS/SS/SCS/SB 4 (2021), and HCS/HB 601 (2021).
JOSH NORBERG