WeVote
Log In

Bill

WeVote Research Nonpartisan
Bill Summary · SB 995

Summary of Bill SB 995: Relating to Renewable Fuel

Overview

Bill SB 995 aims to enhance the production and use of renewable fuels in the state by introducing tax credits specifically designed for renewable fuels production and sustainable aviation fuel imports. The bill is part of a broader effort to promote sustainable energy practices and reduce reliance on fossil fuels.

Key Provisions

  • Renewable Fuels Production Tax Credit: This provision would establish a tax credit for producers of renewable fuels, incentivizing the development and expansion of renewable energy sources.

  • Sustainable Aviation Fuel Import Tax Credit: This provision would offer tax credits for the importation of sustainable aviation fuels, encouraging the adoption of greener alternatives in the aviation sector.

Affected Parties

  • Renewable Fuel Producers: Entities involved in the production of renewable fuels would benefit from the tax credits, potentially leading to increased investment and growth in this sector.

  • Aviation Industry: Airlines and other aviation-related businesses that import sustainable aviation fuels would be incentivized to transition to more environmentally friendly fuel options.

  • Consumers: The bill could indirectly benefit consumers through potential reductions in fuel costs and environmental impacts associated with cleaner fuel options.

Legislative Timeline

  • Introduced: January 17, 2025
  • First Reading: January 21, 2025
  • Referral to Committees: The bill was referred to the committees on Energy, Economic Development, and Tourism (EIG/AEN) and Ways and Means (WAM) on January 23, 2025.
  • Public Hearing Scheduled: A public hearing was set for January 29, 2025, at 1:00 PM in Conference Room 224 and via videoconference.
  • Committee Actions: The bill was deferred by both the EIG and AEN committees on January 29, 2025.

Related Legislation

  • HB 976: This bill serves as a companion to SB 995, indicating a parallel legislative effort to address similar issues regarding renewable fuels.

Conclusion

Bill SB 995 represents a significant step towards promoting renewable energy within the state. By providing financial incentives for both production and importation of renewable fuels, the bill seeks to foster a more sustainable energy landscape, particularly in the aviation sector. The ongoing legislative process will determine the future of this bill and its potential impact on the state's energy policies.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.