The House Ways and Means Committee advanced legislation that would extend temporary tax provisions through 2020, including the Biodiesel Tax Credit.
After a lengthy markup, the committee voted 25 to 17 to advance a bill to extend the tax breaks that expired in 2017 and 2018 or will expire at the end of this year.
Although this marks a positive step, there is still a long road ahead on the measure, which represents a starting point on the negotiations between the House and the Senate.
Immediately following the mark up, NATSO issued a statement commending Committee Chairman Richard Neal (D-MA) and the members of the House Ways and Means Committee for advancing a three-year extension.
NATSO said it is a welcome proposal that the association and its members strongly support.
“Extending the biodiesel tax credit is critical to ensuring that travel plazas, truckstops and fuel retailers can sell competitively priced biodiesel and encourages the use of renewable natural resources," NATSO said. "Although Chairman Neal's proposal may not be perfect, we are grateful for Chairman Neal's good-faith efforts to craft compromise legislation. The advancement of Chairman Neal's proposal should be viewed as a helpful step in the right direction toward providing our industry the certainty it needs to continue bringing advanced biofuels to market. We urge leaders in both the House and Senate to continue working toward an equitable compromise as soon as possible."
Although lawmakers in both the House and the Senate have an interest in passing tax extenders this year, the measure faces a number of challenges. Senate Finance Chairman Chuck Grassley (R-Iowa), for example, has said that Congress historically hasn't and shouldn't offset tax extenders, which is a Democratic priority in the House.
The measure passed June 20 represents a Democratic marker for future negotiations.
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