Sustainable Vessel Fuel Act

Hozzl · 2025-03-21T04:38:25Z

Explore the details of Senate Bill 692 Sustainable Vessel Fuel Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

3/21/2025, 4:38 AM

Summary of Bill S 692

Bill 119 s 692, also known as the Sustainable Vessel Fuel Act, aims to amend the Internal Revenue Code of 1986 in order to make changes to the clean fuel production credit. This credit is currently available to businesses that produce certain types of clean fuels, such as biodiesel or renewable diesel.

The proposed amendment in this bill would create a special rate for sustainable vessel fuel. This means that businesses that produce sustainable fuel specifically for use in vessels, such as ships or boats, would be eligible for a different, likely more favorable, tax credit rate.

The goal of this bill is to incentivize the production and use of sustainable fuel in the maritime industry. By providing a special tax credit rate for sustainable vessel fuel, the hope is that more businesses will invest in producing this type of fuel, which is better for the environment and can help reduce emissions from ships and boats. Overall, the Sustainable Vessel Fuel Act is aimed at promoting the use of cleaner fuels in the maritime industry and encouraging businesses to invest in sustainable practices.

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Current Status of Bill S 692

Bill S 692 is currently in the status of Bill Introduced since February 24, 2025. Bill S 692 was introduced during Congress 119 and was introduced to the Senate on February 24, 2025. Bill S 692's most recent activity was Read twice and referred to the Committee on Finance. as of February 24, 2025

Bipartisan Support of Bill S 692

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 692

Primary Policy Focus

Alternate Title(s) of Bill S 692

A bill to amend the Internal Revenue Code of 1986 to modify the clean fuel production credit to provide a special rate for sustainable vessel fuel.A bill to amend the Internal Revenue Code of 1986 to modify the clean fuel production credit to provide a special rate for sustainable vessel fuel.

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Sponsors and Cosponsors of S 692

Mazie K. Hirono

Hawaii(Democrat)

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