(a) General credit use provisions. Only a gasoline manufacturer may generate, use, transfer, or own credits generated under this subpart, as specified in § 1090.725(a)(1). Credits may be used by a gasoline manufacturer to comply with the average standards specified in subpart C of this part. A gasoline manufacturer may also bank credits for future use, transfer credits to another facility within the company (i.e., intracompany trading), or transfer credits to another gasoline manufacturer, if all applicable requirements of this subpart are met.
(b) Credit life. Credits are valid for use for 5 years after the compliance period for which they are generated.
(c) Limitations on credit use.
(1) Credits that have expired must not be used for demonstrating compliance with the average standards specified in subpart C of this part or be used to replace invalid credits under § 1090.735.
(2) A gasoline manufacturer possessing credits must use all credits prior to incurring a compliance deficit under § 1090.715.
(3) Credits must not be used to meet per-gallon standards.
(4) Credits must not be used to meet the maximum benzene average standard in § 1090.210(b).
(5) Credits may only be used if the gasoline manufacturer owns them at the time of use.
(d) Credit reporting. A gasoline manufacturer that generates, transacts, or uses credits under this subpart must report to EPA as specified in § 1090.905 using forms and procedures specified by EPA.
(e) Part 80 credit use. Valid credits generated under 40 CFR 80.1615 and 80.1290 may be used by a gasoline manufacturer to comply with the average standards in subpart C of this part, subject to the provisions of this subpart.