Panel to Mark Up Extenders Package with Biodiesel Tax Credit

By CnAgri2012-08-06 19:13:58 Print

The Senate Finance Committee announced its intention to mark up a tax extenders package today. Democrats and Republicans on the Senate Finance Committee have reached agreement on the list of tax credits that they support for extension.

The agreement includes the $1-per-gallon biodiesel tax credit which would be extended retroactively for two years, covering 2012 and 2013.

The biodiesel tax credit expired at the end of 2011. While it is likely that the package would pass the committee and possible that it could also pass the full Senate, the prospects in the House are very uncertain.

The House is unlikely to consider a tax extenders package before the lame duck session or before the controversial expiring income tax provisions are addressed.