(1) Any taxpayer who is a retail dealer and who sold and dispensed biodiesel on a retail basis during the prior calendar year through a motor fuel pump located at the taxpayer's retail motor fuel site shall be eligible to receive tax credits under the Nebraska Biodiesel Tax Credit Act.

(2) The tax credit shall be in an amount equal to fourteen cents multiplied by the total number of gallons of biodiesel sold by the taxpayer on a retail basis during the prior calendar year through a motor fuel pump located at the taxpayer's retail motor fuel site. If the product sold by the taxpayer is a blend of biodiesel and diesel fuel, the tax credit shall only apply to the portion of the product that is biodiesel.

(3) The tax credit shall be a refundable credit that may be used against the income tax imposed by the Nebraska Revenue Act of 1967.

(4) Tax credits allowed under this section may be claimed for taxable years beginning or deemed to begin on or after January 1, 2024, under the Internal Revenue Code of 1986, as amended.

(5) To receive tax credits, a taxpayer shall submit an application to the department on a form prescribed by the department. Applications may be submitted from January 1 to April 15 of each calendar year beginning in 2024. The application shall include the following information:

(a) The name and address of the taxpayer;

(b) The total number of gallons of biodiesel sold by the taxpayer on a retail basis during the prior calendar year through a motor fuel pump located at the taxpayer's retail motor fuel site; and

(c) Any other documentation required by the department.