Obama signs short-term tax extenders legislation

On Dec. 19, President Obama signed legislation that retroactively extends several tax incentives that expired at the end of 2013 and throughout this year through the end of 2014. Included in the bill are several tax incentives that benefit the biofuels and bioenergy industries.

The U.S. House of Representatives passed the bill, titled “Tax Increase Prevention Act of 2014,” or H.R. 5771, on Dec. 3 by a vote of 376 to 46. The U.S. Senate passed the measure on Dec. 16 by a vote of 76 to 16.

The legislation extends the second generation biofuel producer credit through Jan. 1, 2015. The credits for biodiesel and renewable diesel are extended through Dec. 31, 2014, while the Section 45 renewable energy tax credit has been extended through Jan. 1, 2015. The bill also extends the special allowance for second generation biofuel plant property through Jan. 1, 2015 and extends the excise 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.