The House and Senate passed legislation Tuesday designed to avert the so-called fiscal cliff, a combination of tax increases for individuals and cuts to government spending. The legislation overwhelmingly passed the Senate, 89-8, and passed the House 257-167, with 85 Republicans voting in favor of the legislation.
The legislation includes extensions of some energy tax credits that are important to NATSO members.
- $1 Per Gallon Blender's Credit for Biodiesel and Renewable Diesel, which expired Dec. 31, 2011, was extended in the legislation. It will go into effect retroactively for all of 2012 and extend to the end of 2013.
- Alternative Fuel Vehicle Refueling Property Credit was extended through 2013. This tax credit allows a 30 percent or $30,000 tax credit, whichever is smaller, to be claimed for installation of refueling property that dispenses at least 85 percent ethanol, natural gas, CNG, LNG, liquefied petroleum gas or hydrogen. It also would apply to equipment dispensing mixtures that are at least 20 percent biodiesel. Finally, it also applies to electricity.
The IRS will issue guidelines on how to claim the biodiesel credit for the tax year 2012 in the coming weeks. NATSO will share that information as soon as it is available. If you have any questions, please contact Holly Alfano, Vice President of Government Affairs, firstname.lastname@example.org.
Photo Credit: Amy Toner/NATSO
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