Tax Extenders Front and Center in the House – Biodiesel Tax Credit Remains Point of Discussion

House Ways and Means Committee Chairman Richard Neal (D-MA) may bring an extenders package to the committee for a vote soon. Earlier this week, Neal discussed his proposal with members to extend the series of expired business tax credits including the biodiesel tax credit that expired on December 31, 2017. The extenders proposal would be revived retroactively for 2018 and continued through 2019 and 2020. The measure faces opposition in the Senate because the payfors include boosting estate and corporate taxes. The good news is that the Senate has introduced its own version of tax extenders that may have a better chance of passing.

In March, Senate Finance Committee Chairman Chuck Grassley (R-IA) introduced legislation that would retroactively extend most of the provisions through 2019 including the $1 per gallon biodiesel tax credit that expired at the end of 2017. Additionally, the OSLT would be extended through 2019 and would not be applied retroactively, which is welcome news for petroleum marketers.

Yesterday, PMAA sent a letter to the Senate Finance Committee to reiterate its support for the biodiesel blender’s tax credit and to oppose a retroactive extension of the OSLT.

From PMAA