The bill proposes the complete repeal of the "Promotion of Biofuels Act of 2011," which previously established a study commission tasked with investigating the feasibility and effectiveness of various incentives to promote advanced biofuels in the state. The repeal includes the removal of the chapter title and all associated provisions, including the commission's membership structure, purpose, and reporting requirements.

In its place, the bill introduces new sections that establish a Biofuels Study Commission with a focus on further studying the potential for developing agreements among states participating in the Regional Greenhouse Gas Initiative to implement a low carbon fuel standard (LCFS) for transportation fuels. The new language emphasizes the commission's role in exploring strategies to increase the use of advanced biofuels as alternatives to conventional carbon-based fuels, while also outlining methods for financing and promoting these initiatives. The act is set to take effect immediately upon passage.