| Last Action | 02/29/24: to Appropriations & Revenue (S) |
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| Title | AN ACT relating to tax credits for sustainable aviation fuel, making an appropriation therefor, and declaring an emergency. |
| Bill Documents | Introduced |
| Bill Request Number | 2136 |
| Sponsors | S. Funke Frommeyer, G. Williams |
| Summary of Original Version | Create a new section of KRS Chapter 141 to establish the sustainable aviation fuel tax credit for taxable years beginning on or after January 1, 2025, but before January 1, 2035; compute credit based on $2.50 per gallon of sustainable aviation fuel consumed by taxpayers; create a new section of KRS Chapter 141 to establish the nonrefundable feedstock production tax credit for taxable years beginning on or after January 1, 2025, but before January 1, 2035; compute credit based on the amount of usable feedstock produced in this state; amend KRS 141.0205 for the ordering of the tax credits; amend KRS 131.190 to allow reporting by the Department of Revenue on the credits; amend KRS 154.27-010 and 154.27-020 to allow incentives for sustainable aviation fuel facilities with a minimum investment of $100 million; create an appropriation of $25 million for economic development projects for the production of sustainable aviation fuel with a minimum investment of $100,000,000; APPROPRIATION; EMERGENCY. |
| Index Headings of Original Version |
Economic Development - Projects for sustainable aviation fuel, incentive Effective Dates, Emergency - Sustainable aviation fuel and feedstock production, tax credit and incentives Fuel - Income tax credit, sustainable aviation fuel consumption, feedstock production Fuel - Sales and use tax incentive, sustainable aviation fuel production Taxation, Sales and Use - Projects for sustainable aviation fuel, incentive Aeronautics and Aviation - Income tax credit, sustainable aviation fuel consumption, feedstock production Aeronautics and Aviation - Production of sustainable aviation fuel, sales and use tax incentive Appropriations - Sustainable fuel production facility Taxation - Income tax credit, sustainable aviation fuel consumption, feedstock production Taxation - Production of sustainable aviation fuel, sales and use tax incentive Taxation, Income--Corporate - Sustainable aviation fuel consumption, feedstock production, tax credit Taxation, Income--Individual - Sustainable aviation fuel consumption, feedstock production, tax credit |
| 02/27/24 |
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| 02/29/24 |
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Last updated: 4/22/2024 3:57 PM (EDT)