The bill amends sections 5747.98 and 5751.98 of the Revised Code and enacts new sections 122.079, 5747.74, and 5751.55 to establish a nonrefundable tax credit for the production of biodiesel and renewable diesel in Ohio. The new section 122.079 defines key terms related to biodiesel and renewable diesel, including "biodiesel," "renewable diesel," and "eligible feedstock." It allows qualifying applicants to apply for a tax credit based on the amount of biodiesel or renewable diesel produced at a terminal in Ohio, with varying credit amounts depending on the type of fuel produced. The total amount of tax credits awarded under this section is capped at ten million dollars per fiscal year.

Additionally, the bill introduces the nonrefundable credits under sections 5747.74 and 5751.55, which allow taxpayers to claim credits against their aggregate tax liability based on the tax credit certificates issued under section 122.079. The order of claiming these credits is specified, and taxpayers are prohibited from claiming credits based on the same certificate under both sections. The existing sections 5747.98 and 5751.98 are repealed, streamlining the process for calculating tax liabilities and credits related to biodiesel and renewable diesel production.

Statutes affected:
As Introduced: 5747.98, 5751.98