The U.S. House of Representatives late Dec. 3 approved a one-year renewal of more than 50 tax breaks, including the $1 per-gallon biodiesel tax credit.
The House voted 378 to 46 to renew the tax credits just until the end of this year after broader discussions turned controversial. The Senate is expected to vote on the package this week.
NATSO supports passage of legislation that would extend the $1 per-gallon biodiesel tax credit as well as the Section 179 expensing provision that enables small businesses to deduct certain property expenses from their taxes and bonus depreciation provisions.
Since 2003, Congress has steadily increased the amount of investment that small businesses can expense from $25,000 to $500,000. However, these expensing limits were temporary, and in 2014 they reverted to $25,000.
The biodiesel tax credit expired Dec. 31, 2013.
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