[Congressional Bills 110th Congress] [From the U.S. Government Publishing Office] [H.R. 927 Introduced in House (IH)] 110th CONGRESS 1st Session H. R. 927 To amend the Internal Revenue Code of 1986 to increase the credit for biodiesel used as a fuel. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 8, 2007 Mr. Burgess introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to increase the credit for biodiesel used as a fuel. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. INCREASE IN PER GALLON RATE FOR BIODIESEL CREDIT. (a) Income Tax Credit.--Paragraphs (1)(A) and (2)(A) of section 40A(b) of the Internal Revenue Code of 1986 (defining biodiesel mixture credit and biodiesel credit) are both amended by striking ``50 cents'' and inserting ``$1.00''. (b) Excise Tax Credit.--Paragraph (2) of section 6426(c) of such Code (relating to biodiesel mixture credit) is amended to read as follows: ``(2) Applicable amount.--The applicable amount is $1.00.''. (c) Conforming Amendments.-- (1) Section 40A(b) of such Code is amended by striking paragraph (3) and redesignating paragraphs (4) and (5) as paragraphs (3) and (4), respectively. (2) Section 40A(d)(3)(C)(ii) of such Code is amended by striking ``subsection (b)(5)(B)'' and inserting ``subsection (b)(4)(B)''. (3) Paragraphs (2) and (3) of section 40A(e) of such Code are both amended by striking ``subsection (b)(5)(C)'' and inserting ``subsection (b)(4)(C)''. (4) Section 40A(f)(2) of such Code is amended to read as follows: ``(2) Exception.--Subsection (b)(4) shall not apply with respect to renewable diesel.''. (d) Effective Dates.-- (1) In general.--Except as provided by paragraph (2), the amendments made by this section shall apply with respect to fuel sold or used in taxable years beginning after the date of the enactment of this Act. (2) Excise tax.--The amendment made by subsection (b) shall apply with respect to any sale, use, or removal after the date of the enactment of this Act. <all>