House passes tax extenders package, Senate vote expected soon

By Erin Voegele | December 04, 2014

The U.S. House of Representatives has voted to pass a short-term tax extenders package that aims to retroactively extend several tax incentives that expired at the end of 2013 and during the current year for one year, through the end of 2014. Several incentives relevant to the biofuel and bioenergy industries were included in the package.

The measure, titled “Tax Increase Prevention Act of 2014,” or H.R. 647, passed in the House on Dec. 3 by a vote of 378 to 46. The U.S. Senate is expected to address the tax extenders package soon.

The legislation would extend the second generation biofuel producer credit through Jan. 1, 2015. The credits for biodiesel and renewable diesel would be extended through Dec. 31, 2014, while the Section 45 renewable energy tax credit would be extended through Jan. 1, 2015. The bill would also extend the special allowance for second generation biofuel plant property through Jan. 1, 2015 and extend the excuse tax credits relating to certain fuels through Dec. 31, 2014.

A full copy of the legislation, which also extends numerous tax incentives for individuals, businesses, and other purposes, can be downloaded from the Government Printing Office website here.