This bill would provide a tax credit for any facility using methane conversion technology to make gasoline. The tax credit would also be applied to investment in qualifying methane-to-gas projects and technology. The bill would also provide an alternative fuel excise tax credit for gas made through methane conversion at any point prior to October 1st, 2024.
The bill defines "qualified methane conversion technology" as
a process for the molecular conversion of methane into hydrocarbons and the use of such hydrocarbons to replace or reduce the quantity of petroleum present in motor vehicle fuel and for the production of chemicals.