Representatives Earl Blumenauer (D-Ore.) and Dave Loebsack (D-Iowa) introduced legislation Sept. 19 that would extend expiring alternative energy-related tax incentives, including the $1 per-gallon biodiesel tax credit.
The Bridge to a Clean Energy Future Act of 2014, H.R. 5559, would extend tax credit for biodiesel and renewable diesel for two years, effective Jan. 1, 2014 through Dec. 31, 2015. H.R. 5559 has 16 other Democratic co-sponsors with no House Republicans signing on at this time.
The House and Senate have taken drastically different approaches to extending tax credit provisions that expired at the end of 2013. The Republican-led House passed two bills earlier this year to permanently extend several tax credits for businesses, namely the provision known as Section 179 that allows small businesses to write off up to $500,000 worth of investments a year, but has not taken action on extension of energy-related tax provisions. However in the Senate, lawmakers on the Senate Finance Committee have pushed legislation that would extend all expiring tax credits for two years, including the biodiesel tax credit.
Many agree that the most likely scenario for passage of tax extender legislation will play out during the "Lame Duck" session, when Congress returns after the elections.
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