Subsequent to passage of tax reform legislation, Senator Orrin Hatch (R-UT), the Chairman of the Senate Finance Committee, filed legislation to extend a host of tax provisions that expired at the end of 2016.
Among other things, the bill would provide 2-year retroactive extensions for:
- The credit for alternative fuel vehicle refueling property;
- The 2nd generation biofuel producer credit;
- The biodiesel and renewable diesel tax incentive;
- The Section 45 production tax credit (PTC) for non-wind renewable energy technologies, including landfill gas; and
- Alternative fuel excise tax credits.
In addition, the bill unveiled by Senator Hatch would give non-solar renewable energy technologies that qualify for the Section 48 investment tax credit an extension and phase-down akin to that provided to solar technology in the 2015 tax extender package. The proposed measure would also modify the tax credit for advanced nuclear power facilities and provide a credit for carbon sequestration technology.
There are Senators advocating that this tax extender package be added to a continuing resolution (CR) Congress will consider this week to fund the federal government’s operations beyond December 22, but it is unclear at this point if tax extenders will be added to this CR. If not, Congress will have to revisit funding for the federal government and a host of other time sensitive issues in mid-January, which will provide another legislative vehicle for a tax extenders package.
Look for an update to this notice in our RNG News Brief later this week.
