Articles

    Grassley, Wyden introduce tax extenders bill

    Originally posted by Erin Voegele | Feb. 28, 2019 | Biomass Magazine | Original Article

    On Feb. 28, Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and Ranking Member Ron Wyden, D-Ore., introduced legislation to extend 29 tax credits, including those that benefit producers of renewable diesel, second-generation biofuels and bioenergy.

    According to information released by the Senate Committee on Finance, the bipartisan legislation aims to extend several tax credits at their current level for 2018 and 2019. The bill currently addresses 26 provisions that expired at the end of 2017, and three others that expire at the end of 2018. The bill would also provide disaster tax relief benefits to individuals and businesses affected by major disasters that occurred last year.

    “Congress needs to get out of this bad habit of regular retroactive extensions of these tax provisions. The whole point of these federal tax incentives is to encourage certain behaviors, especially investments in alternative energies, energy efficiency and transportation. The best way to do that is ahead of time, not retroactively,” Grassley said. “But it’s also the case that many of these industries made business decisions last year based on that reasonable expectation that they would be extended since it’s what Congress has consistently done in the past. I hope the House of Representatives acts soon since taxpayers affected by these expired provisions have to file their tax returns in the coming weeks. Thousands of jobs across the country depend on it.”

    “It’s past time to kick the addiction to short-term tax policies, but until Congress is able to break this cycle for good, taxpayers deserve certainty about what they’ll owe,” Wyden said. “It’s important this is a two-year bill covering 2019, and it includes key renewable energy incentives I’m proud to fight for. Filing season for 2018 is already underway, so the Congress should act on this quickly.”

    The tax extenders bill includes several credits that benefit the biofuel and biomass power industries.

    Read the full article on the Biomass Magazine website.