(1) Any taxpayer who is a retail dealer and who sold and dispensed E-15 or higher blend 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 Higher Blend Tax Credit Act.

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(2)(a) Through calendar year 2023, the tax credit shall be in an amount equal to (i) five cents multiplied by the total number of gallons of E-15 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 (ii) eight cents multiplied by the total number of gallons of E-25 or higher blend 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.

(b) For calendar year 2024, the tax credit shall be in an amount equal to eight cents multiplied by the total number of gallons of E-15 or higher blend 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.

(c) For calendar year 2025, the tax credit shall be in an amount equal to nine cents multiplied by the total number of gallons of E-15 or higher blend 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.

(d) For calendar year 2026, the tax credit shall be in an amount equal to eight cents multiplied by the total number of gallons of E-15 or higher blend 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.

(e) For calendar year 2027, the tax credit shall be in an amount equal to seven cents multiplied by the total number of gallons of E-15 or higher blend 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.

(f) For calendar year 2028, the tax credit shall be in an amount equal to five cents multiplied by the total number of gallons of E-15 or higher blend 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.

(3) The tax credit shall be a refundable credit that may be used against any 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.

(4) Tax credits allowed under this section may be claimed for taxable years beginning or deemed to begin on or after January 1, 2022, 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. The application shall include the following information:

(a) The name and address of the taxpayer;

(b) The total number of gallons of E-15 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;

(c) The total number of gallons of E-25 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;

(d) The total number of gallons of E-30 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;

(e) The total number of gallons of E-85 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

(f) Any other documentation required by the department.