Bill · S. 692· Senate(119-S-692)
Sustainable Vessel Fuel Act
- Introduced
- 2/24/2025
- Last activity
- 2/24/2025 — Read twice and referred to the Committee on Finance.
- Sponsored by
- Mazie Hirono
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill, known as the ``Sustainable Vessel Fuel Act'', proposes amendments to the Internal Revenue Code of 1986. It seeks to modify the clean fuel production credit by adding a special rate for sustainable vessel fuel. The bill defines sustainable vessel fuel as a liquid fuel used for commercial vessels or ferries that is not derived from petroleum or palm fatty acid distillates. This fuel must have an emissions rate of zero as determined by specific criteria. The changes would apply to fuel produced after December 31, 2025. Additionally, the termination date for this specific fuel type is set for December 31, 2035.
Yes· 3 of 8
Does this cut the pollution that drives climate change?+5
The bill incentivizes the use of zero-emissions liquid fuels for commercial vessels and ferries.
Does this put more money into wind, solar and other renewable power?+4
The special rate for sustainable vessel fuel encourages investment in non-petroleum-based liquid fuels.
Would business owners be better off under this?+3
Business owners in the fuel production and maritime sectors benefit from the new production tax credit.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Creation of a special rate for sustainable vessel fuel: This modification to the clean fuel production credit provides a specific rate for sustainable vessel fuel under Section 45Z(a)(3) of the Internal Revenue Code of 1986.
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Expansion of transportation fuel definitions: By including sustainable vessel fuel under the definition of 'transportation fuel', the bill accommodates fuel suitable for use in commercial vessels or ferries under Section 45Z(d)(5)(B)(ii)(I).
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Environmental focus through zero emissions: The bill targets fuel that has an emissions rate of zero as determined pursuant to subsection (b)(1), as specified in Section 45Z(d)(5)(B)(ii)(III).
Potential Negative Impacts for People
- No specific negative impacts or burdens are explicitly stated in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Environment Energy And Infrastructure
- Reduces Carbon Emissions+5Increases Renewable Energy Investment+4
- Economy And Finance
- Increases Job Creation+2Reduces Small Business Taxes+2Improves Economic Growth+1Improves Small Business Support+1
- Demographic And Interest Groups
- Good For Business Owners+3Good For Urban Residents+1
- 2/24/2025
- Read twice and referred to the Committee on Finance.
- Introduced in Senate