Allows transfer of biofuel production and renewable chemical tax credits in Maine to third parties.

This bill enables taxpayers in Maine who have received certification for biofuel production and renewable chemical tax credits to transfer these credits to other individuals or entities. The transferee can then apply the credits against their Maine income tax liability as if they had produced the biofuels themselves. The transferee is subject to the same limitations and carry-forward provisions as the original taxpayer. The transferee must attach a copy of the transferred certification to their Maine income tax return along with a statement detailing the amount of credit transferred.

Allows transfer of biofuel production and renewable chemical tax credits in Maine to third parties.

This bill enables taxpayers in Maine who have received certification for biofuel production and renewable chemical tax credits to transfer these credits to other individuals or entities. The transferee can then apply the credits against their Maine income tax liability as if they had produced the biofuels themselves. The transferee is subject to the same limitations and carry-forward provisions as the original taxpayer. The transferee must attach a copy of the transferred certification to their Maine income tax return along with a statement detailing the amount of credit transferred.