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Debt Limit Deal Likely to be Signed into Law

 

What This Means for Tax Extenders including the Biodiesel Tax Credit and Oil Spill Liability Tax

On Thursday July 25, the House passed a two-year budget framework and debt ceiling bill by a vote of 284-149. The two-year budget deal serves as a blueprint for the actual appropriation process meaning that Congress will need to approve a government spending bill later this year. The bill would increase discretionary spending limits by nearly $324 billion over two years. Although the bill passed, many conservatives, and some Democrats, were not pleased with the bill due to the lack of financial offsets. The Trump Administration and Speaker of the House Nancy Pelosi (D-CA) had been rushing to reach a deal before the end of this week to ensure a bill could be voted on before the August recess.

Unfortunately, the bill does not include the tax extenders package as some were expecting. The good news is that Congress will have another bite at the apple to attach tax extenders when it will need to approve a government spending bill later this year. The spending bill could include tax extenders, retirement fixes and technical fixes to the GOP’s Tax Cuts and Jobs Act.

An upcoming tax extenders package will likely include:

  • A retroactive extension of the $1 per gallon biodiesel tax credit through 2019 and/or 2020 that expired at the end of 2017.
  • A prospective renewal of the Oil Spill Liability Tax (OSLT) through at least 2019. In June, 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.

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