The bill amends existing Iowa law to extend the tax credits for E-15 gasoline, allowing retail dealers to claim these credits against individual and corporate income taxes until January 1, 2028. Specifically, it repeals the previous expiration date of January 1, 2026, for several sections related to the E-15 plus gasoline promotion tax credit, including sections 422.11O, 422.11Y, and 422.33. This extension ensures that retail dealers can continue to benefit from these tax credits for an additional two years.

Additionally, the bill clarifies that retail dealers who may claim the E-15 plus gasoline promotion tax credit can also claim the E-85 promotion tax credit during the same year, further supporting the promotion of alternative fuels. It also ensures that retail dealers whose tax years do not align with the repeal date can still claim the tax credit for the entire tax year, thereby providing a more consistent and predictable tax benefit for those involved in the sale of E-15 gasoline.

Statutes affected:
Introduced: 422.11O, 422.11Y, 422.33