Sec. 5022. Temporary extension of existing fuel incentives
562 words·~3 min read·
/bill/114/s/2089/pcs/section-5022·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 40(b)(6) is amended— in subparagraph (E)(i)— in subclause (I), by striking and at the end, in subclause (II), by striking the period at the end and inserting , and , and by inserting at the end the following new subclause: qualifies as a transportation fuel (as defined in section 45T(e)(5)). , and in subparagraph (J)(i), by striking 2015 and inserting 2018 . The amendments made by this subsection shall apply to qualified second generation biofuel production after December 31, 2014.
Section 40A is amended— in subsection (f)(3)(B), by striking or D396 , and in subsection (g), by striking 2014 and inserting 2017 . The amendments made by this subsection shall apply to fuel sold or used after December 31, 2014. Section 6426 is amended— in subsection (c)(6), by striking 2014 and inserting 2017 , in subsection (d)— in paragraph (1), by striking motor vehicle and inserting highway vehicle , in paragraph (2)(D), by striking liquefied , and in paragraph (5), by striking 2014 and inserting 2017 , and in subsection (e), by amending paragraph
(3)to read as follows: This subsection shall not apply to any sale or use for any period after— in the case of any alternative fuel mixture sold or used by the taxpayer for the purposes described in subsection (d)(1), December 31, 2017, in the case of any sale or use involving hydrogen that is not for the purposes described in subsection (d)(1), December 31, 2017, and in the case of any sale or use not described in subparagraph
(A)or (B), December 31, 2014. . The amendments made by this subsection shall apply to fuel sold or used after December 31, 2014. Section 6427(e)(6) is amended— in subparagraph (B), by striking 2014 and inserting 2017 , and in subparagraph (C), by striking 2014 and inserting 2017 . The amendments made by this subsection shall apply to fuel sold or used after December 31, 2014. Notwithstanding any other provision of law, in the case of— any biodiesel mixture credit properly determined under section 6426(c) of the Internal Revenue Code of 1986 for periods after December 31, 2014, and on or before the last day of the first calendar quarter ending after the date of the enactment of this Act, and any alternative fuel credit properly determined under section 6426(d) of such Code for such periods, such credit shall be allowed, and any refund or payment attributable to such credit (including any payment under section 6427(e) of such Code) shall be made, only in such manner as the Secretary of the Treasury (or the Secretary’s delegate) shall provide. Such Secretary shall issue guidance within 30 days after the date of the enactment of this Act providing for a one-time submission of claims covering periods described in the preceding sentence. Such guidance shall provide for a 180-day period for the submission of such claims (in such manner as prescribed by such Secretary) to begin not later than 30 days after such guidance is issued. Such claims shall be paid by such Secretary not later than 60 days after receipt. If such Secretary has not paid pursuant to a claim filed under this subsection within 60 days after the date of the filing of such claim, the claim shall be paid with interest from such date determined by using the overpayment rate and method under section 6621 of such Code.