Modifies the biofuel production credit from ethanol to renewable diesel and renewable hydrocarbon diesel.

This bill amends the tax law to redefine the biofuel production credit. It shifts the focus from ethanol to renewable diesel and renewable hydrocarbon diesel, which are produced from nonpetroleum renewable sources like vegetable oils and animal fats. The credit is set at fifteen cents per gallon for each gallon of biofuel produced, with a cap of $2.5 million per taxpayer per year for up to four consecutive years. The credit applies to taxable years beginning before January 1, 2027.

Modifies the biofuel production credit from ethanol to renewable diesel and renewable hydrocarbon diesel.

This bill amends the tax law to redefine the biofuel production credit. It shifts the focus from ethanol to renewable diesel and renewable hydrocarbon diesel, which are produced from nonpetroleum renewable sources like vegetable oils and animal fats. The credit is set at fifteen cents per gallon for each gallon of biofuel produced, with a cap of $2.5 million per taxpayer per year for up to four consecutive years. The credit applies to taxable years beginning before January 1, 2027.