Legislation to extend tax credit provisions that expired at the end of 2013 failed in the Senate May 15 after a procedural vote to move forward on the bill failed 53-40, short of the 60 votes needed.
Republicans voted against moving forward on the bill complaining they were blocked from offering amendments.
The legislation titled, the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, would have revived more than 50 tax breaks that lapsed Dec. 31 and extended them through 2015, including a two-year extension of the $1-per-gallon biodiesel tax credit.
In addition to the biodiesel blender tax credit, the package also would have extended bonus depreciation rules; temporarily extended an increase in the maximum amount and phase-out threshold under section 179 of the code; and extended the investment tax credit for alternative vehicle refueling property.
Senate Finance Chairman Ron Wyden (D-Ore.) said that he would try to speak with Republicans on potential changes with a goal of bringing the bill back within a week, according to published reports.
Sen. Wyden (D-Ore.) said in early April that this represented the last tax extenders bill the committee would take up as long as he was chairman and that this package would act as a bridge while his committee worked on comprehensive tax code reform.
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.