Exempts ethanol blended gasoline with more than 85% ethanol from excise tax when used in agricultural implements.

This bill exempts ethanol blended gasoline with more than 85% ethanol from the excise tax when purchased at a terminal or refinery rack for use in agricultural implements. Currently, the excise tax on ethanol blended gasoline ranges from 24 cents to 30 cents per gallon, but a refund can be claimed for certain exempt uses. This exemption applies specifically to gasoline used in agricultural production, providing a tax break for farmers using high ethanol blends in their farming equipment.

Exempts ethanol blended gasoline with more than 85% ethanol from excise tax when used in agricultural implements.

This bill exempts ethanol blended gasoline with more than 85% ethanol from the excise tax when purchased at a terminal or refinery rack for use in agricultural implements. Currently, the excise tax on ethanol blended gasoline ranges from 24 cents to 30 cents per gallon, but a refund can be claimed for certain exempt uses. This exemption applies specifically to gasoline used in agricultural production, providing a tax break for farmers using high ethanol blends in their farming equipment.