Maine LD2044: An Act to Make the Biofuel Commercial Production and Commercial Use Tax Credit and the Renewable Chemicals Tax Credit Refundable

What the bill says

An Act to Allow for the Transferability of the Biofuel Production and Renewable Chemicals Tax Credits" Amend the bill by striking out the title and substituting the following: 'An Act to Make the Biofuel Commercial Production and Commercial Use Tax Credit and the Renewable Chemicals Tax Credit Refundable' Amend the bill by striking out everything after the enacting clause and inserting the following: '.

From the engrossed text:

An Act to Allow for the Transferability of the Biofuel Production and Renewable Chemicals Tax Credits" Amend the bill by striking out the title and substituting the following: 'An Act to Make the Biofuel Commercial Production and Commercial Use Tax Credit and the Renewable Chemicals Tax Credit Refundable' Amend the bill by striking out everything after the enacting clause and inserting the following: 'Sec. 1. 36 MRSA §5219-X, sub-§3, as amended by PL 2007, c. 426, §1, is further amended to read: 3. Limitations. A person entitled to a credit under this section for any taxable year may carry over and apply the portion of any unused credits to the tax liability on income derived from the production of biofuel for any one or more of the next succeeding taxable years. The credit allowed, including carryovers, may not reduce the tax otherwise due under this Part to less than zero. A person may be allowed a credit under subsection for a period not to exceed 10 consecutive taxable years as of the first tax year beginning on or after January 1, 2021 for which the credit is allowed. Sec. 2. 36 MRSA §5219-X, sub-§3-A is enacted to read: 3-A. Refundable credit. Notwithstanding subsection 3, for tax years beginning on or after January 1, 2027, a credit allowed under subsection 2 …

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Sponsors

• Teresa Pierce (D, 25) · primary sponsor
• Ryan Fecteau (D, 132)