Methanol Fuel Act - Provides that every person, at his election, shall be entitled to a deduction with respect to the amortization of any qualified methanol producing facility based on a period of 60 months.
Defines the term "qualified methanol producing facility" to mean any tangible property: (1) which is used in producing methanol from coal, wood, waste, or natural gas; and (2) which is of a character subject to the allowance for depreciation.
Specifies the amount of such deduction. Provides that such deduction shall be in lieu of a depreciation deduction.
Exempts gasoline and special fuels containing at least 10 percent methanol from excise taxes otherwise imposed on gasoline and special fuels.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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