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To amend the Internal Revenue Code of 1986 to modify the clean fuel production credit to provide a special rate for sustainable vessel fuel.
Summary
This bill amends the Internal Revenue Code to extend the clean fuel production credit to include sustainable vessel fuel used in commercial vessels and ferries. Sustainable vessel fuel is defined as non-petroleum, non-palm-based liquid fuel that meets zero-emissions standards and complies with industry standards established by the American Society for Testing and Materials or similar organizations. The tax credit for sustainable vessel fuel production extends through December 31, 2035, longer than the general clean fuel production credit which expires December 31, 2027. These amendments apply to fuel produced after December 31, 2025.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Hirono, Mazie K. [D-HI] (D-HI)
Actions (2)
- Feb 24, 2025 Read twice and referred to the Committee on Finance. · senate
- Feb 24, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
February 24, 2025
Ms. Hirono introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to modify the clean fuel production credit to provide a special rate for sustainable vessel fuel.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Sustainable Vessel Fuel Act”.
SEC. 2. SPECIAL RATE UNDER CLEAN FUEL PRODUCTION CREDIT FOR SUSTAINABLE VESSEL FUEL.
(a) In General.—Section 45Z(a)(3) of the Internal Revenue Code of 1986 is amended—
(1) in the heading, by inserting “and sustainable vessel fuel” after “sustainable aviation fuel”,
(2) in subparagraph (A), by inserting “or sustainable vessel fuel” after “sustainable aviation fuel”, and
(3) in subparagraph (B), by striking “this subparagraph
(A)” and inserting “this section”.
(b) Inclusion as Transportation Fuel.—Section 45Z(d)(5) of the Internal Revenue Code of 1986 is amended—
(1) by redesignating subparagraph (B) as subparagraph (C), and
(2) by inserting after subparagraph (A) the following new subparagraph:
“(B) Sustainable vessel fuel.—
“(i) In general.—The term ‘transportation fuel’ shall include sustainable vessel fuel which satisfies the requirement under subparagraph (A)(iii).
“(ii) Definition.—The term ‘sustainable vessel fuel’ means liquid fuel which—
“(I) is suitable for use as a fuel in a commercial vessel or ferry (as such terms are defined in section 4462(a)(4)) and is sold for such use,
“(II) is not derived from palm fatty acid distillates or petroleum,
“(III) as determined pursuant to subsection (b)(1), has an emissions rate of zero, and
“(IV) satisfies the requirements of any standards which have been identified by the Secretary pursuant to clause (iii).
“(iii) Standards.—The Secretary shall identify any standards as are established by the American Society for Testing and Materials (or similar standards organization) with respect to liquid fuel described in subclauses
(I) through (III) of clause (ii) which the Secretary determines appropriate to carry out the purposes of this subparagraph.”.
(c) Termination.—Section 45Z(g) of the Internal Revenue Code of 1986 is amended by inserting “(or, in the case of transportation fuel which is sustainable vessel fuel, December 31, 2035)” after “December 31, 2027”.
(d) Effective Date.—The amendments made by this section shall apply to fuel produced after December 31, 2025. <all>
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