HB1423: Biofuels Production Fund and Incentive Grant Program; created.

Chief Patron

Del. William Barlow (D-64)

Status

Bill is Dead

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Summary

Biofuels Production Fund and Grant Incentive Program; established. Establishes the Biofuels Production Fund (the Fund) and the Biofuels Production Grant Incentive Program (the Program) to administer the Fund. The Program offers grants to producers of neat biofuels, which are defined as either biodiesel fuels or ethanol fuels that are not mixed with traditional fuels such as gasoline or diesel fuel. To be eligible for a grant the producer must produce in excess of 10 million gallons of neat biofuels within the Commonwealth in a calendar year using feedstock originating domestically within the United States. Producers that qualify for a grant under the program may be granted $0.20 per gallon of neat biofuel produced in the given calendar year at a 50% cost share of up to 80 million gallons. Therefore a producer meeting the maximum production limit under the program of 80 million gallons would be eligible for an $8,000,000 grant. The Program and Fund would expire on December 31, 2016. This bill is incorporated into HB 680 (Wittman).   View Full Text »