Biodiesel Tax Credit Included in Finance Committee Package

By CnAgri2012-08-10 19:33:52 Print

Prior to recessing for August, the Senate Finance Committee, on a 19-5 vote, passed a tax extenders package that included a retroactive two-year extension of the $1-per-gallon biodiesel tax credit.

The tax extenders package carries a cost of over $200 billion and faces an uncertain future in the full Senate and the House.

It is possible that the tax extenders could be included in the large package that is expected in the post-election lame duck session. The main focus of the lame duck session will be the looming expiration of the Bush tax cuts and the political impasse over whether to extend the tax cuts for all income levels or limit the extension of the lower rates to those at certain income levels.

The estate tax and Alternative Minimum Tax are also expected to be addressed in the year-end package.