Tax credit; amount; qualifications; application; approval; annual limit

(1) For taxable years beginning or deemed to begin on or after January 1, 2027, under the Internal Revenue Code of 1986, as amended, there shall be allowed a credit against the income tax imposed by the Nebraska Revenue Act of 1967 or any tax imposed pursuant to sections 77-907 to 77-918 or 77-3801 to 77-3807 to any producer of sustainable aviation fuel for any sale or use of a qualified mixture.

(2) The credit shall be a nonrefundable credit and the amount of the credit shall be equal to the number of gallons of sustainable aviation fuel in all sold or used qualified mixtures multiplied by the sum of seventy-five cents plus the applicable supplementary amount.

(3) In order to qualify for the credit under this section, a producer of sustainable aviation fuel shall: