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BILL AS INTRODUCED 2007-2008

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H.524

Introduced by Committee on Natural Resources and Energy

Date:

Subject:  Taxation; biodiesel rebate

Statement of purpose:  This bill proposes to establish a rebate for retail sales of biodiesel blends.  It proposes to appropriate $200,000.00 to fund the program and to repeal the program on July 1, 2009.

AN ACT RELATING TO ESTABLISHING A REBATE FOR RETAIL SALES OF BIODIESEL BLENDS

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  33 V.S.A. § 2504 is added to read:

§ 2504.  REBATE FOR RETAIL SALES OF BIODIESEL BLENDS

(a)  As used in this section:

(1)  “Biodiesel blend” means a blend of biodiesel fuel and number two home heating oil that contains at least ten percent biodiesel fuel by volume.

(2)  “Biodiesel fuel” means a renewable, biodegradable, mono alkyl ester combustible liquid fuel derived from vegetable oil or animal fat which meets the American Society for Testing and Materials (ASTM) specification D6751‑02 for Biodiesel Fuel (B100) Blend Stock for Distillate Fuel.

(b)  Sellers of heating oil subject to the tax under section 2503 of this title are eligible for a rebate equal to $0.05 for each gallon of biodiesel blend sold at retail in Vermont and delivered in Vermont in the reporting period.  Eligible sellers may apply to the Vermont department of taxes for credit pertaining to sales at the time of filing quarterly returns as required by section 2503 of this title.

Sec. 2.  APPROPRIATION

There is appropriated the amount of $200,000.00 from the general fund to the weatherization fund in fiscal year 2008 for payment of rebates under Sec.1 of this act.

Sec. 3.  REPEAL

33 V.S.A. § 2504 (biodiesel rebate on fuel gross receipts tax) is repealed as of July 1, 2009. 



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us