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Senate Bill 0378

Senate Bill 0378

ARCHIVE (2005)

Latest Information

DIGEST OF SB 378 (Updated April 26, 2005 3:19 pm - DI 92)

Biodiesel, ethanol, and coal gasification. Provides that the Indiana economic development corporation reviews and approves applications for the biodiesel, blended biodiesel, and ethanol income tax credits. Provides standards that the corporation must apply. Creates a $20,000,000 overall cap for the biodiesel, blended biodiesel, and ethanol producer credits. Allows the corporation to allocate the maximum credits for all taxpayers for all taxable years so long as each credit has a cap of at least $4,000,000. Establishes a credit cap for a particular producer of biodiesel or ethanol at $3,000,000 for all taxable years but allows the Indiana economic development corporation to increase this cap to $5,000,000. Allows credit carryovers for six taxable years. Provides for the expiration of the blended biodiesel retailer credit as of January 1, 2007. Extends the blended diesel retail sales tax credits to dealers that distribute blended diesel at retail by a means other than a metered pump. Provides a tax credit for a taxpayer who places into service an integrated coal gasification powerplant, and requires the taxpayer to enter into an agreement with the economic development corporation requiring the taxpayer to use Indiana coal and satisfy other requirements relating to the operation of the powerplant. Provides for allocating the credit among co-owners of a integrated coal gasification powerplant or owners of a pass through entity. Corrects an internal reference. Makes other related changes.
    Current Status:
    Law Enacted
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