Code Section 6427
| Code Section | Effective Date | Name of Act | Name of Provision | 10yr Revenue Estimate ($millions) |
|---|---|---|---|---|
| 6426, 6427(e) | 12/31/2011 | The American Taxpayer Relief Act of 2012 | Alternative fuel and alternative fuel mixtures | -360 |
| 40A, 6426, 6427 | 12/31/2011 | The American Taxpayer Relief Act of 2012 | Incentives for biodiesel and renewable diesel | -2,181 |
| 40, 6426, 6427(e) | *12/31/2010 | The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 | Extension of provisions related to alcohol used as fuel | -4,859 |
| 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 |
| 6426, 6427(e) | 12/31/2009 | The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 | Excise tax credits and outlay payments for alternative fuel and alternative fuel mixtures | -202 |
* Notes on Effective Date
The extension of the income tax credit is effective for periods after December 31, 2010. The extension of excise tax credit for alcohol fuel mixtures applies to periods after December 31, 2010. The extension of the payment provisions for alcohol fuel mixtures applies to sales and uses after December 31, 2010. The extension of additional duties on ethanol takes effect on January 1, 2011.
Alternative fuel and alternative fuel mixtures
Explanation of Provision
The provision extends the alternative fuel excise tax credit, and related payment provisions (for non-hydrogen fuels), for two additional years (through December 31, 2013). The alternative fuel mixture excise tax credit is extended for two additional years (through December 31, 2013) but the companion payment (outlay) provision is not extended.
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).
Extension of provisions related to alcohol used as fuel
Explanation of Provision
Extension of income tax credit
The provision extends the present-law income tax credit for alcohol fuels (other than the cellulosic biofuel producer credit) an additional year, through December 31, 2011.
Extension of excise tax credit and outlay payment provisions for alcohol used as a fuel
The provision extends the present-law excise tax credit and outlay payments for alcohol fuel mixtures for an additional year, through December 31, 2011.
Extension of additional duties on ethanol
The provision extends the present-law duties on ethanol and ethyl tertiary butyl ether for an additional year, through December 31, 2011.
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.
Excise tax credits and outlay payments for alternative fuel and alternative fuel mixtures
Explanation of Provision
The provision extends the alternative fuel credit, alternative fuel mixture credit, and related payment provisions, for two additional years (through December 31, 2011). For purposes of the alternative fuel credit, alternative fuel mixture credit and related payment provisions, the provision excludes fuel (including lignin, wood residues, or spent pulping liquors) derived from the production of paper or pulp.
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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