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Dyed Fuel Tax Refund: New Rules for Businesses.

This new bill allows for tax refunds on dyed diesel fuel and kerosene that was previously taxed but is exempt from taxation. It aims to simplify financial processes for entities using this type of fuel for non-taxable purposes. The changes will take effect 180 days after the bill becomes law.
Key points
Businesses and individuals who dye diesel fuel or kerosene can claim a refund for previously paid taxes.
The refund applies to fuel that is exempt from taxation but was initially taxed.
The bill introduces new accounting rules and penalties for incorrect refund claims.
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Additional Information
Print number: 118_HR_10308
Sponsor: Rep. Moore, Gwen [D-WI-4]
Process start date: 2024-12-05