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