More than 50 organizations representing a variety of energy, agriculture, business, transportation and real estate stakeholders are urging Congress to approve a multi-year extension of a series of expired tax benefits, including the $1-a-gallon credit that subsidizes biodiesel, before the end of the year.
In a letter to congressional leaders, the groups, which include the National Biodiesel Board and the American Farm Bureau Federation, said the temporary tax provisions, which expired at the end of 2016, affect sectors vital to the U.S. economy and support tens of thousands of jobs nationwide.
“Acting to extend these expired tax provisions will allow businesses and individuals to make important planning decisions. Allowing these tax provisions to remain lapsed creates confusion in the marketplace, and effectively increases taxes on entities that create jobs and economic growth.
“Accordingly, we respectfully ask that Congress add a multi‐year extension, beginning January, 2017, of these important tax provisions to any end‐of‐year legislative vehicle. We look forward to constructively working with you to achieve this important goal.”
The letter, dated Dec. 18, was addressed to House Speaker Paul Ryan and Rep. Nancy Pelosi, the leader of the House Democrats; Senate Majority Leader Mitch McConnell and Senate Democratic leader Chuck Schumer, and the Republican and Democratic leaders of the House Ways and Means Committee and the Senate Finance Committee.
The chairman of the Senate Agriculture Appropriations Subcommittee, John Hoeven, R-N.D., told Agri-Pulse this past weekend that he expected action on an extenders bill to be delayed until early next year.
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