MI HB4847

Establishes tax credits for retail dealers selling biodiesel blends through metered pumps: $0.02 per gallon for B5+ fuel (5-10% biodiesel) and $0.05 per gallon for B11+ fuel (more than 10% biodiesel) for tax years 2024-2029.

Provides tax credit of $0.02 per gallon for biodiesel producers in Michigan for in-state biodiesel production during tax years 2024-2029.

Caps combined retail dealer credits under both new sections at $16,000,000 per tax year, with pro rata sharing if claims exceed the limit.

Caps combined biodiesel producer credits under both new sections at $2,000,000 per tax year, with pro rata sharing if claims exceed the limit.

Allows excess credits to be refunded if they exceed a taxpayer's tax liability, and permits flow-through entity members to claim credits based on their distributive share of business income.