Public Announcements

 

Federal Tax Extenders for 2017 in Last Night's Budget Deal

Via Creative Communications

February 9, 2018 - Early this morning, Congress approved a $320 billion two-year budget deal that funds the government through March 23rd. The bill (H.R.1892) was approved by the Senate at 1:30AM by a vote of 71-28; and by the House of Representatives at 5:30AM by a vote of 240-186. President Trump will sign the bill into law this morning.

The bill includes short-term extensions to certain business and individual tax provisions not addressed in the recent tax reform legislation, known on Capitol Hill as “tax extenders.” This includes a one-year retroactive extension of the biodiesel blenders’ tax credit for 2017. 

Of interest, the bill also extends:

  • Excise tax credits relating to alternative fuels.(retroactive for 2017);
  • The Section 25C tax credit for the installation of qualified high-efficiency residential HVAC systems and certain energy-saving home retrofits (retroactive for 2017);
  • The Section 25D tax credit for qualified residential solar, small wind, fuel cell and geothermal systems (retroactive through 2021);
  • The Section 179D deduction for qualified energy-efficient apartment buildings, offices and other commercial buildings (retroactive for 2017);
  • The tax credit for the installation of qualified alternative fuel vehicle refueling property in a home or business (retroactive for 2017); and
  • The Oil Spill Liability Trust Fund tax from March 1, 2018 through December 31, 2018.


To help pay for the broader legislation, Congress has ordered the sale of 100 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). This includes the sale of 30 million barrels during fiscal years 2022 through 2025; 35 million barrels during fiscal year 2026; and 35 million barrels during fiscal year 2027. It also authorizes the Department of Energy to sell-off $350 million worth of crude oil this year to help fund continued security enhancements and infrastructure modernization of the SPR.

Click here for complete text of the bill. (hint - Alt-Fuel related items start on page 196)