House Passes Tax Extenders Package

December 4, 2014 NFCH-14-11
 
Yesterday, the House overwhelmingly approved a one-year tax extenders package (applies to calendar year 2014 only) that would revive over 50 expired tax incentives by a vote of 378 – 46. The extender’s package includes the one-dollar-per gallon biodiesel blender’s tax credit, a 30 percent investment tax credit for alternative fuel pumps, bonus depreciation, and Section 179 expensing. Senate Majority Leader Harry Reid (D-NV) has not indicated how the Senate will move forward on tax extenders. However, due to the overwhelming bipartisan support for the one-year deal in the House, the Senate will most likely follow suit and pass tax extenders for calendar year 2014 before leaving town. Senate Finance Committee Chairman Ron Wyden (D-OR) and Ranking Member Orrin Hatch (R-UT) have expressed their support for a two-year retroactive extension deal, but a Wyden spokesperson indicated following the House vote that “at this point there doesn’t appear to be a procedural path forward for a two- year deal.” The Obama Administration has said it could support a retroactive short-term extension. PMAA urges quick action on tax extenders and supports at least extending the biodiesel blenders tax credit along with the other provisions noted above.

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