"Fiscal Cliff" Legislation Includes Biodiesel Tax Credit

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.
More
 

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 Creditwas 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 when it is becomes available. 

Other provisions of interest include:

If you have any questions, please contact Holly Alfano, Vice President of Government Affairs, halfano@natso.com.

 

Digital-Tablet-With-Clipping-P-28426844.png

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.

If you aren't reading NNW, you are missing out. Not a memberJoin today or submit a request to receive additional information. If you are a member and not receiving NNW, submit a request to be added to the email list.

Subscribe to Updates

NATSO provides a breadth of information created to strengthen travel plazas’ ability to meet the needs of the travelling public in an age of disruption. This includes knowledge filled blog posts, articles and publications. If you would like to receive a digest of blog post and articles directly in your inbox, please provide your name, email and the frequency of the updates you want to receive the email digest.