Code Section 40A

Code Section	Effective Date	Name of Act	Name of Provision	10yr Revenue Estimate ($millions)
40A, 6426, 6427	12/31/2011	The American Taxpayer Relief Act of 2012	Incentives for biodiesel and renewable diesel	-2,181
40A, 6426, 6427	12/31/2009	The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010	Incentives for biodiesel and renewable diesel	-1,977

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Incentives for biodiesel and renewable diesel

Explanation of Provision

The provision extends the income tax credit, excise tax credit and payment provisions for biodiesel and renewable diesel for two years (through December 31, 2013).

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Incentives for biodiesel and renewable diesel

Explanation of Provision

The provision extends the income tax credit, excise tax credit and payment provisions for biodiesel and renewable diesel for two additional years (through December 31, 2011).

In light of the retroactive nature of the provision, the provision creates a special rule to address claims regarding excise credits and claims for payment associated with periods occurring during 2010. In particular the provision directs the Secretary to issue guidance within 30 days of the date of enactment. Such guidance is to provide for a one-time submission of claims covering periods occurring during 2010. The guidance is to provide for a 180-day period for the submission of such claims (in such manner as prescribed by the Secretary) to begin no later than 30 days after such guidance is issued. Such claims shall be paid by the Secretary of the Treasury not later than 60 days after receipt. If the claim is not paid within 60 days of the date of the filing, the claim shall be paid with interest from such date determined by using the overpayment rate and method under section 6621 of such Code.

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