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Congress Hints at Addressing Tax Extenders Before December 31

 

As lawmakers returned to Capitol Hill this week, PMAA sent a letter last week to House and Senate leadership in support of the biodiesel blenders tax credit that expired at the end of 2017. Senate Finance Chairman Orrin Hatch (R-Utah) said this week, "I'm not sure, but there usually is an extenders package, so we'll probably have extenders.” PMAA urged Congress to pass an extension through 2019. Part of the extenders package also includes the nine cents per barrel Oil Spill Liability Trust Fund financing rate (OSLT) which expires on December 31. PMAA is concerned that if Congress fails to act on tax extenders before the end of the year, jobbers may end of in the same situation they faced in early 2018 when some refiners continued to charge the tax even though it expired. This created unnecessary and problematic accounting problems throughout the industry. Congress can prevent the confusion from occurring again by extending the OSLT before December 31st. If Congress does not tackle extenders before December 31 but addresses it next year, PMAA urges Congress not to make the tax retroactive. Click here to read the letter and click here for a refresher on the OSLT.

Tax extenders legislation is normally addressed during the lame-duck session. The roughly three-dozen provisions offer tax breaks for a range of interests, including racehorses, auto racing tracks, railroad track maintenance, mortgage relief, and other credits. Also of importance to petroleum marketers extended retroactively for 2017 is the tax credit for the installation of qualified alternative fuel vehicle refueling property in a home or business; the Alternative Fuels Excise Tax Credit for the use of propane as a transportation fuel, known as the “propane autogas tax credit,”; and the Section 25C tax credit for the installation of qualified high-efficiency residential HVAC systems and certain energy-saving home retrofits.

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