HF 2811 Summary

• Establishes a liquid fuel modernization tax credit equal to the lesser of 65% of eligible fuel infrastructure costs or $800,000 for entities installing aboveground and underground storage tank systems compatible with higher biofuel blends (ethanol blends exceeding 10% and biodiesel blends exceeding 20%) at retail fueling sites or bulk plants.

• Requires eligible entities to apply to the Commissioner of Commerce for a credit certificate within one year of paying costs, submitting detailed documentation including invoices, financial assistance amounts, compatibility documents, and an affidavit certifying proper use of infrastructure.

• Establishes a Liquid Fuel Modernization Board consisting of representatives from Commerce, Agriculture, Pollution Control Agency, and fuel equipment and petroleum industry members to advise the commissioner and consider appeals of credit decisions.

• Requires the Commissioner to report annually by February 1 to legislature on progress toward achieving a goal that 50% of retail gasoline storage and dispensing equipment offers the highest ethanol blend authorized by law by December 31, 2028.

• Makes the tax credit available for taxable years beginning after December 31, 2023, and expires January 1, 2034; prohibits kickback arrangements between contractors and applicants regarding eligible infrastructure costs.