Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB3002

Introduced
9/29/23  

Caption

Sustainable Vessel Fuel Act

Impact

If enacted, SB3002 would modify existing tax credits related to fuel production, allowing for financial incentives specifically aimed at the production and use of sustainable vessel fuel. This includes defining sustainable vessel fuel in such a way that it must not only be suitable for commercial use but also have a verified zero emissions rate. The implications for state law could be significant, as this act could potentially enhance regulatory measures around fuel emissions within the maritime industry and incentivize the transition to greener technologies.

Summary

SB3002, titled the 'Sustainable Vessel Fuel Act', aims to amend the Internal Revenue Code of 1986 to broaden the scope of the clean fuel production credit. Specifically, it introduces a special rate for sustainable vessel fuel alongside existing provisions for sustainable aviation fuel. This act highlights the growing need to support cleaner alternatives in the maritime transportation sector, as the demand for sustainable practices increases amidst a backdrop of climate change concerns and environmental regulations.

Contention

Debate surrounding SB3002 is expected to center on the economic implications of such a legislative change. Supporters argue that this act will encourage innovation in clean fuel technology and help reduce the environmental impact of commercial shipping. Conversely, opponents may raise concerns about the feasibility of developing truly sustainable fuel sources, the potential costs incurred by businesses in transitioning to these new standards, and whether such incentives address the broader challenges faced by the maritime industry.

Companion Bills

No companion bills found.

Previously Filed As

US SB692

Sustainable Vessel Fuel Act

US HB1594

Sustainable Aviation Fuel Act

US HB9327

Sustainable Aviation Fuel Information Act

US HB2747

Sustainable Aviation Fuel Act

US SB3001

Maritime Fuel Tax Parity Act

US SB1958

Sustainable Aviation Fuels Accuracy Act of 2023

US HB6681

Renewable Fuel for Ocean-Going Vessels Act

US HB4862

Sustainable Aviation Fuels Accuracy Act of 2023

US HB1719

Farm to Fly Act of 2025This bill directs the Department of Agriculture (USDA) to integrate the advancement of sustainable aviation fuels into its programs.Specifically, this bill includes sustainable aviation fuel as an advanced biofuel for the purposes of several USDA bioenergy programs that primarily provide support and incentives for renewable energy projects.For purposes of these programs, the bill defines sustainable aviation fuel as liquid fuel, the portion of which is not kerosene, which (1) meets specific international standards, (2) is not derived from coprocessing specific materials (e.g., triglycerides) with a non-biomass feedstock, (3) is not derived from palm fatty acid distillates or petroleum, and (4) is certified as having a lifecycle greenhouse gas emissions reduction percentage of at least 50% compared with petroleum-based jet fuel (based on specific standards and agreements).In addition, the bill specifically includes fostering and advancing sustainable aviation fuels as part of the Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance Program.Further, USDA must carry out a comprehensive and integrated pursuit of all USDA mission areas for the advancement of sustainable aviation fuels, including throughthe identification of opportunities to maximize the development and commercialization of the fuels,supporting rural economic development through improved sustainability for aviation, andadvancing public-private partnerships.

US SB4685

Retreaded Truck Tire Jobs, Supply Chain Security and Sustainability Act of 2024

Similar Bills

No similar bills found.