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Panel approves tax credit for higher-ethanol retail sales, debates duration and carryforward limits
Summary
SB 498 would add a 5¢ per gallon income tax credit for retail sales of higher ethanol blends for taxable years 2026–2031 and discontinue a prior alternative fuel credit. The committee debated shortening the program to five years and limiting carryforward credits; the amendment to shorten or limit carryforwards failed and the committee passed SB 498 favorably.
Amelia explained that SB 498 would discontinue an existing income tax credit for qualified alternative fuel motor vehicle property or fueling station expenditures after tax year 2026 and add a new income tax credit of 5¢ per gallon for retail dealers that sell higher-ethanol blends for taxable years 2026 through 2031. Unused credits could be carried forward for up to five…
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