Ethanol tax credit.

WORKING DRAFT
2010
STATE OF
WYOMING
10LSO-0220

HOUSE BILL
NO.
HB0100

Ethanol tax credit.

Sponsored by:
Representative(s) Cohee, Berger, Bonner, Brown, Hammons, Landon and Madden and Senator(s) Hines, Scott and Von Flatern

A BILL

for

AN ACT relating to taxation and revenue; reducing the total annual tax credit for ethanol production as specified; providing for
payment
of tax credits
in the order applied for; granting rulemaking authority
; and providing for an effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1.

W.S. 39
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17
‑
109(d)(iv)(A) is amended to read:

39
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17
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109.

Taxpayer remedies.

(d)

Credits. The following shall apply:

(iv)

Any person who has a tax liability in Wyoming for the sale of ethanol based motor fuel or gasoline sold for the purpose of blending into an ethanol based motor fuel may redeem a valid credit with the department to satisfy in part any tax liability imposed under W.S. 39
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17
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104(a)(i) and (ii). To qualify to redeem tax credits under this subsection, an ethanol producer shall purchase at least twenty-five percent (25%) of
Wyoming
origin products used in the distillation process, excluding water, during the calendar year in which the tax credits were earned. Each ethanol producer shall verify the origin of the products. In the event of natural damage to a significant portion of available
Wyoming
products as determined by the
Wyoming
department of agriculture, the twenty-five percent (25%) purchase requirement of this paragraph shall not apply. In no circumstances may the amount of tax credits redeemed by any person under this section exceed the existing tax liability of the person under W.S. 39
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17
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104(a)(i) and (ii). The department shall promulgate rules to implement this section. Tax credits under this subsection shall also be subject to the following:

(A)

The total of all tax credits redeemed by all ethanol producers under this subsection shall not exceed
four million dollars ($4,000,000.00)

three million dollars ($3,000,000.00)
per year
.
The department's rules
shall
prescribe

that producers may apply for
the
credits monthly and that the credits shall be distributed in the order in which applications are received until the total credits provided by this subparagraph are exhausted
;

Section
2
.

This act is effective July 1, 20
10
.

(END)

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HB0100