HB 85 -- Tax Credit for Processed Biomass Engineered Fiber Fuel
Beginning January 1, 2012, this bill authorizes an income tax
credit for any taxpayer who uses "processed biomass engineered
fiber fuel" which is defined as any fuel derived from substances
produced in this state that were changed from their original form
and combined in a manufacturing process in this state of three or
more biomass inputs, resulting in a fuel product with a heat
value of at least 7,500 British Thermal Units (BTUs) per pound.
The credit will be 30% of the purchased price of the fuel for the
first year; 25% the second year; 20% the third year; 15% the
fourth year; 10% the fifth year; and 5% the sixth year. The
credit is not refundable and cannot be transferred, but can be
carried forward for four years.
The provisions of the bill will expire December 31 six years from
the effective date.