Senate Finance Committee Chairman Chuck Grassley of Iowa and Ranking Member Ron Wyden of Oregon have introduced bipartisan legislation to retroactively extend tax provisions that expired at the end of 2017 and 2018. The legislation will also provide disaster tax relief benefits to individuals and businesses affected by major disasters occurring in 2018.
In March of 2018 the biodiesel tax credit was not renewed in congress’ $1.3 trillion spending package to fund the federal government until September and prevent another shutdown.
Grassley states, “Congress needs to get out of this bad habit of regular retroactive extensions of these tax provisions.”
“The best way to do that is ahead of time, not retroactively. But it’s also the case that many of these industries made business decisions last year based on that reasonable expectation that they would be extended since it’s what Congress has consistently done in the past.”
“I hope the House of Representatives acts soon since taxpayers affected by these expired provisions have to file their tax returns in the coming weeks. Thousands of jobs across the country depend on it,” expressed Grassley.
The National Biodiesel Board (NBB) has thanked Senator Grassley and Wyden, for introducing the legislation that will provide a two-year extension of expired temporary tax incentives, including the biodiesel and renewable diesel tax incentive.
“NBB and its members are grateful to Senators Grassley and Wyden for taking action to extend the expired biodiesel tax incentive,” Kurt Kovarik, NBB’s Vice President of Federal Affairs, stated. “We hope that both House and Senate will address the expired tax provisions as soon as possible.”