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portion of that blend that the biofuel constitutes. Biofuel for | | which the credit is allowed must meet state and federal regulatory | | requirements applicable to the nature and intended use of the fuel | | produced. |
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| | | 3. Limitations. A person entitled to a credit under this | | section for any taxable year may carry over and apply the portion | | of any unused credits to the tax liability on income derived from | | the production of biofuel for any one or more of the next | | succeeding 5 taxable years. The credit allowed, including | | carryovers, may not reduce the tax otherwise due under this Part | | to less than zero. |
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| | | 4. Certification. A taxpayer engaged in the production of | | biofuels who is claiming a credit under subsection 2 shall | | provide information to the Commissioner of Environmental | | Protection regarding the biofuel being produced, including the | | quantity of biofuel products, the type of forest or agricultural | | product being utilized, the nature and composition of the biofuel | | being produced, the proportion and composition of any nonbiofuel | | with which the biofuel is blended, the heating value of the | | biofuel as compared to the BTU value of one gallon of gasoline | | and the type of application for which it is intended to be used. | | Upon review of the information, the Commissioner of Environmental | | Protection shall provide the taxpayer with a letter of | | certification stating that the biofuel produced during the | | taxable year is eligible for a tax credit under this section and | | stating the number of gallons of biofuel produced during the | | taxable year. |
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| | | 5. Application. This section applies to tax years beginning | | on or after January 1, 2004. |
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| | | Sec. 4. 38 MRSA §343-B, first ¶, as enacted by PL 1991, c. 804, Pt. B, | | §1 and affected by §7, is amended to read: |
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| | | At the request of a potential applicant or when required by | | rule, the department shall hold a preapplication meeting to | | identify the issues, types of information and documentation | | necessary for the department to properly assess a specific | | project. For any application that has had a preapplication | | meeting, the department shall also hold a presubmission meeting | | to review the application prior to the application being filed by | | the applicant unless the department determines that the | | presubmission meeting is unnecessary based upon the complexity of | | the application, status of development of the application or | | other factors. |
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| | | Sec. 5. 38 MRSA §347-A, sub-§3, as enacted by PL 1989, c. 311, §4, is | | amended to read: |
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