Section 1 Short title
This Act may be cited as the “Second Generation Biofuel Producer Credit Extension Act of 2024”.
Second Generation Biofuel Producer Credit Extension Act of 2024
A BILL
To amend the Internal Revenue Code of 1986 to prevent a double benefit with respect to second generation biofuels under the clean fuel production credit and the alcohol fuels credit and to extend the application of alcohol fuels credit with respect to such biofuels.
Sec. 2 Extension of alcohol fuel credit with respect to second generation biofuel production and coordination with clean fuel production credit
Coordination with clean fuel production credit— Section 40(b) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (6) as paragraph (7) and by inserting after paragraph (5) the following new paragraph:
“(6) Coordination with clean fuel production credit—No credit shall be determined under this paragraph with respect to fuel with respect to which a credit was allowed under section 45Z(a).”
Extension— Section 40(b)(7)(J)(i) of such Code (as so redesignated) is amended by striking “January 1, 2025” and inserting “January 1, 2026”.
Effective date— The amendments made by this section shall apply to qualified second generation biofuel production after December 31, 2024.