AB222: Bill Text

AB222,2,13 2. “Energy crop” means a plant grown to produce biomass that can be converted into renewable energy.

AB222,2,16 3. “Sustainable aviation fuel” means aviation fuel of which at least 90 percent of the aviation fuel is derived from synthetic, renewable, and nonpetroleum sources, such as energy crops.

AB222,2,20 (b) Filing claims. For taxable years beginning after December 31, 2027, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of the tax, an amount equal to $1.50 for each gallon of sustainable aviation fuel produced by the claimant in this state during the taxable year.

AB222,2,23 (c) Limitations. 1. No credit under this subsection may be claimed for the production of a sustainable aviation fuel derived at least in part from energy crops unless the energy crops were grown within the United States.

AB222,3,7 2. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their investment of amounts under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests.

AB222,3,9 (d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

AB222,3 Section 3. 71.10 (4) (gm) of the statutes is created to read:

AB222,3,11 71.10 (4) (gm) Sustainable aviation fuel production credit under s. 71.07 (12).

AB222,4 Section 4. 71.21 (4) (a) of the statutes is amended to read:

AB222,3,16 71.21 (4) (a) The amount of the credits computed by a partnership under s. 71.07 (2dm), (2dx), (2dy), (3g), (3h), (3n), (3q), (3s), (3t), (3w), (3wm), (3y), (4k), (4n), (5g), (5i), (5j), (5k), (5r), (5rm), (6n), and (10), and (12) and passed through to partners shall be added to the partnership’s income.

AB222,5 Section 5. 71.26 (2) (a) 4. of the statutes is amended to read:

AB222,3,23 71.26 (2) (a) 4. Plus the amount of the credit computed under s. 71.28 (1dm), (1dx), (1dy), (3g), (3h), (3n), (3q), (3t), (3w), (3wm), (3y), (5g), (5i), (5j), (5k), (5r), (5rm), (6n), and (10), and (12) and not passed through by a partnership, limited liability company, or tax-option corporation that has added that amount to the partnership’s, limited liability company’s, or tax-option corporation’s income under s. 71.21 (4) or 71.34 (1k) (g).

AB222,6 Section 6. 71.28 (12) of the statutes is created to read:

AB222,4,2 71.28 (12) Sustainable aviation fuel production credit. (a) Definitions. In this subsection:

AB222,4,3 1. “Claimant” means a person who files a claim under this subsection.

AB222,4,5 2. “Energy crop” means a plant grown to produce biomass that can be converted into renewable energy.

AB222,4,8 3. “Sustainable aviation fuel” means aviation fuel of which at least 90 percent of the aviation fuel is derived from synthetic, renewable, and nonpetroleum sources, such as energy crops.

AB222,4,12 (b) Filing claims. For taxable years beginning after December 31, 2027, a claimant may claim as a credit against the tax imposed under s. 71.23, up to the amount of the tax, an amount equal to $1.50 for each gallon of sustainable aviation fuel produced by the claimant in this state during the taxable year.

AB222,4,15 (c) Limitations. 1. No credit under this subsection may be claimed for the production of a sustainable aviation fuel derived at least in part from energy crops unless the energy crops were grown within the United States.

AB222,4,23 2. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their investment of amounts under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests.

AB222,5,2 (d) Administration. Subsection (4) (e) to (h), as it applies to the credit under sub. (4), applies to the credit under this subsection.

AB222,7 Section 7. 71.30 (3) (dw) of the statutes is created to read:

AB222,5,4 71.30 (3) (dw) Sustainable aviation fuel production credit under s. 71.28 (12).

AB222,8 Section 8. 71.34 (1k) (g) of the statutes is amended to read:

AB222,5,9 71.34 (1k) (g) An addition shall be made for credits computed by a tax-option corporation under s. 71.28 (1dm), (1dx), (1dy), (3), (3g), (3h), (3n), (3q), (3t), (3w), (3wm), (3y), (4), (5), (5g), (5i), (5j), (5k), (5r), (5rm), (6n), and (10), and (12) and passed through to shareholders.

AB222,9 Section 9. 71.45 (2) (a) 10. of the statutes is amended to read:

AB222,5,17 71.45 (2) (a) 10. By adding to federal taxable income the amount of credit computed under s. 71.47 (1dm) to (1dy), (3g), (3h), (3n), (3q), (3w), (3y), (5g), (5i), (5j), (5k), (5r), (5rm), (6n), and (10), and (12) and not passed through by a partnership, limited liability company, or tax-option corporation that has added that amount to the partnership’s, limited liability company’s, or tax-option corporation’s income under s. 71.21 (4) or 71.34 (1k) (g) and the amount of credit computed under s. 71.47 (3), (3t), (4), (4m), and (5).

AB222,10 Section 10. 71.47 (12) of the statutes is created to read:

AB222,5,20 71.47 (12) Sustainable aviation fuel production credit. (a) Definitions. In this subsection:

AB222,5,21 1. “Claimant” means a person who files a claim under this subsection.

AB222,5,23 2. “Energy crop” means a plant grown to produce biomass that can be converted into renewable energy.

AB222,6,2 3. “Sustainable aviation fuel” means aviation fuel of which at least 90 percent of the aviation fuel is derived from synthetic, renewable, and nonpetroleum sources, such as energy crops.

AB222,6,6 (b) Filing claims. For taxable years beginning after December 31, 2027, a claimant may claim as a credit against the tax imposed under s. 71.43, up to the amount of the tax, an amount equal to $1.50 for each gallon of sustainable aviation fuel produced by the claimant in this state during the taxable year.

AB222,6,9 (c) Limitations. 1. No credit under this subsection may be claimed for the production of a sustainable aviation fuel derived at least in part from energy crops unless the energy crops were grown within the United States.

AB222,6,17 2. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their investment of amounts under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests.

AB222,6,19 (d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

AB222,11 Section 11. 71.49 (1) (dw) of the statutes is created to read:

AB222,6,21 71.49 (1) (dw) Sustainable aviation fuel production credit under s. 71.47 (12).

AB222,6,22 (end)