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ASA calls for extension of $1 biodiesel tax credit

The American Soybean Association (ASA) emphasises the industry's support for the establishment of a tax extenders package.

It is calling for its members to contact their senators and representatives to extend the $1 (€0.80) per gallon biodiesel tax credit, bring back the  maximum $500,000 expensing, which was available in 2013, and restore the expired 50% bonus depreciation for purchasing new capital assets.

The tax extenders package expired on 31 December 2013. Earlier this year, the Senate Finance Committee approved a bill that proposed the extension of the expiring provisions for two years, but the House has suggested making some of the provisions either permanent and/or restrict the extension of temporary credits to one year.

Legislators are considering delaying the decision until the next session of Congress in 2015, which raises problems for tax filing. During the discussion Congress will consider a number of points including: when is the best time to vote, the length of time that the tax extenders agreement will last, whether agreements are made permanent or temporary, and if some provisions should be lost.