House Bill Would Eliminate Energy Tax Credits

U.S. Rep. Mike Pompeo (R-Kan.) has reintroduced legislation that would repeal numerous energy tax subsidies, including the cellulosic biofuel producer credit, the biodiesel and renewable diesel tax credit, the wind production tax credit and the enhanced oil recovery credit.

If passed, the $1-per gallon biodiesel blenders credit that was recently reinstated would be repealed.

It is unclear how much traction this legislation will gain in the House Representative as Congress just recently reaffirmed many of these programs as part of the "Fiscal Cliff" tax legislation that passed on New Year's Day. However, NATSO will be closely monitoring and opposing any consideration of the bill. Pompeo introduced a similar bill in November 2011, but the bill languished in committee.

 

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This article originally ran in NATSO News Weekly (NNW), NATSO's member only weekly electronic newsletter. NNW is packed with the latest updates on government and business issues affecting the truckstop and travel plaza industry.

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NATSO News Weekly (NNW)

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