SB313 - AN ACT relating to tax credits for sustainable aviation fuel, making an appropriation therefor, and declaring an emergency.

2 Co-Sponsors

Create a new section of KRS Chapter 141 to establish the sustainable aviation fuel tax credit for taxable years beginning on or after January 1, 2025, but before January 1, 2035; compute credit based on $2.50 per gallon of sustainable aviation fuel consumed by taxpayers; create a new section of KRS Chapter 141 to establish the nonrefundable feedstock production tax credit for taxable years beginning on or after January 1, 2025, but before January 1, 2035; compute credit based on the amount of usable feedstock produced in this state; amend KRS 141.0205 for the ordering of the tax credits; amend KRS 131.190 to allow reporting by the Department of Revenue on the credits; amend KRS 154.27-010 and 154.27-020 to allow incentives for sustainable aviation fuel facilities with a minimum investment of $100 million; create an appropriation of $25 million for economic development projects for the production of sustainable aviation fuel with a minimum investment of $100,000,000; APPROPRIATION; EMERGENCY.