Nebraska § 77-7019 Tax credit; amount; qualifications; application; approval; annual limit

Nebraska Statutes

§ 77-7019 — Tax credit; amount; qualifications; application; approval; annual limit

Nebraska·Ch. 77 Revenue and Taxation

(1)For taxable years beginning or deemed to begin on or after January 1, 2027, under the Internal Revenue Code of 1986, as amended, there shall be allowed a credit against the income tax imposed by the Nebraska Revenue Act of 1967 or any tax imposed pursuant to sections 77-907 to 77-918 or 77-3801 to 77-3807 to any producer of sustainable aviation fuel for any sale or use of a qualified mixture.

(2)The credit shall be a nonrefundable credit and the amount of the credit shall be equal to the number of gallons of sustainable aviation fuel in all sold or used qualified mixtures multiplied by the sum of seventy-five cents plus the applicable supplementary amount.

(3)In order to qualify for the credit under this section, a producer of sustainable aviation fuel shall:

(a)Register wit

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(1) For taxable years beginning or deemed to begin on or after January 1, 2027, under the Internal Revenue Code of 1986, as amended, there shall be allowed a credit against the income tax imposed by the Nebraska Revenue Act of 1967 or any tax imposed pursuant to sections 77-907 to 77-918 or 77-3801 to 77-3807 to any producer of sustainable aviation fuel for any sale or use of a qualified mixture.
(2) The credit shall be a nonrefundable credit and the amount of the credit shall be equal to the number of gallons of sustainable aviation fuel in all sold or used qualified mixtures multiplied by the sum of seventy-five cents plus the applicable supplementary amount.
(3) In order to qualify for the credit under this section, a producer of sustainable aviation fuel shall:
(a) Register with the department as a producer of sustainable aviation fuel; and
(b) Provide:
(i) Certification in such form and manner as prescribed by the department from an unrelated party demonstrating compliance with:
(A) Any general requirements, supply chain traceability requirements, and information transmission requirements established under the Carbon Offsetting and Reduction Scheme for International Aviation described in subdivision (5)(a) of section 77-7018 ; or
(B) In the case of any methodology described in subdivision (5)(b) of section 77-7018 , requirements similar to the requirements described in subdivision (3)(b)(i)(A) of this section; and
(ii) Any other information the department may require.
(4) A producer of sustainable aviation fuel shall only claim the credit under this section in a total of five taxable years.
(5) A producer of sustainable aviation fuel shall apply for the credit provided in this section by submitting an application to the department on a form prescribed by the department. Subject to subsection (6) of this section, if the department determines that the producer of sustainable aviation fuel qualifies for tax credits under this section, the department shall approve the application and certify the amount of credits approved to the producer of sustainable aviation fuel.
(6) The department shall consider applications in the order in which they are received and may approve tax credits under this section in any fiscal year until the aggregate limit allowed under subsection (7) of this section has been reached.
(7) The department may approve tax credits under this section each fiscal year until the total amount of credits approved for the fiscal year reaches five hundred thousand dollars.
(8) A producer of sustainable aviation fuel shall claim any tax credits granted under this section by attaching the tax credit certification received from the department under subsection (5) of this section to the producer's tax return.

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