Tax credit for natural gas converted to hydrogen fuel

(1) A taxpayer may claim a tax credit against a severance tax owing on natural gas under Section 59-5-102 if: (a) the taxpayer is required to pay a severance tax on natural gas under Section 59-5-102; (b) the taxpayer owns or operates a plant in the state that converts natural gas to hydrogen fuel; and (c) all of the natural gas for which the taxpayer owes a severance tax under Section 59-5-102 is used for the production in the state of hydrogen fuel for use in zero emission motor vehicles. (2) The taxpayer may claim a tax credit equal to the lesser of: (a) the amount of tax that the taxpayer owes under Section 59-5-102; and (b) $5,000,000. (3) (a) To claim a tax credit, a taxpayer shall follow the procedures and requirements of this Subsection (3). (b) The taxpayer shall request that the division verify that the taxpayer owns or operates a plant in this state: (i) that converts natural gas to hydrogen fuel; and (ii) at which all natural gas is converted to hydrogen fuel for use in zero emission motor vehicles. (4) The division shall submit to the commission an electronic list that includes the name and identifying information of each taxpayer for which the division completed the verification described in Subsection (3).