Obama Signs Spending Bill, Tax Extenders Legislation
by Erin Voegele (Biodiesel Magazine) On Dec. 18, President Obama signed a $1.1 trillion spending bill and accompanying legislative package of tax extenders into law. The legislation includes two-year extensions of several tax credits that benefit the bioenergy sector.
On the morning of Dec. 18, the U.S. House of Representatives passed the spending bill by a vote of 316 to 113. A short time later, the U.S. Senate voted 56 to 33 in favor of the legislation.
The tax package retroactively extends the $1-per-gallon blenders tax credit for biodiesel and renewable diesel for two years, from Jan. 1, 2015 through Dec. 31, 2016.
The measure also extends the second-generation biofuel production credit through Jan. 1, 2017. The credit allows facilities producing cellulosic biofuels to claim a $1.01-per-gallon production tax credit.
In addition, the bill extends the special allowance for second-generation biofuel plant property through Jan. 1, 2017. The alternative fuels excise tax credit is also extended through the end of 2016, along with the credit for alternative fuel vehicle refueling property. READ MORE and MORE (Advanced Biofuels Association) and MORE (Wisconsin Ag Connection) and MORE (Renewable Energy World)
