Factsheet: Tax Increase Prevention Act of 2014

sec. 152. Extension of second generation biofuel producer credit; Sec. 153. Extension of incentives for biodiesel and renewable diesel; Sec. 155. Extension of credits with respect to facilities producing energy from certain renewable resources; Sec. 157. Extension of special allowance for second generation biofuel plant property; Sec. 160. Extension of excise tax credits relating to certain fuels. Second generation biofuel producer that is registered with the IRS (Internal Revenue Service) may be eligible for a tax incentive in the amount of up to $1.01 per gallon of second generation biofuel that is: - sold and used by the purchaser in the purchaser's trade or business to produce a second generation biofuel mixture; - sold and used by the purchaser as a fuel in a trade or business; - sold at retail for use as a motor vehicle fuel; - used by the producer in a trade or business to produce a second generation biofuel mixture; - or used by the producer as a fuel in a trade or business. preceded by HR8 PUBLIC LAW 112–240 American Taxpayer Relief Act of 2012 (sec. 402,404,405,407)