Senate Committee Moves Tax Package, Includes Biodiesel Credit Extension

The Senate Finance Committee approved legislation on April 3 to extend tax credit provisions that expired at the end of 2013. Notable to fuel marketers was the inclusion of a two-year extension of the $1 per-gallon biodiesel tax credit. NATSO has communicated extensively with the committee over the last several months supporting the provision.

The legislation titled, the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, now awaits consideration in the full Senate. However, there is no timetable for that from Senate Leadership.

At the committee markup, Senate Finance Chairman Ron Wyden's (D-Ore.) said, "This will be the last tax extenders bill the committee takes up as long as I'm chairman, that's why the bill is called the EXPIRE Act. It is meant to expire." Sen. Wyden wants this package to act as a bridge while his committee works on comprehensive tax code reform.

In addition to the biodiesel blender tax credit, the package also extends bonus depreciation rules; temporarily extends an increase in the maximum amount and phase-out threshold under section 179 of the code; and extends the investment tax credit for alternative vehicle refueling property.

In the House of Representatives, its unclear when similar tax extension legislation will proceed. The House Ways and Mean Committee plans to hold a hearing on April 8 to discuss the tax code, but will not be moving legislation at that time.

Tiffany Wlazlowski Neuman's photo

Tiffany Wlazlowski Neuman

Tiffany Wlazlowski Neuman develops and executes communications strategies to advance NATSO’s public relations and advocacy goals. Tiffany also develops and oversees partnerships related to the NATSO Foundation’s public outreach initiatives. Tiffany lives in the D.C. metro area with her husband and their two sons.More
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