NATSO, Others Urge Congress to Approve Tax Extenders

NATSO joined nearly 60 organizations representing a variety of business, energy, transportation, and agriculture stakeholders in urging Congress to approve a seamless, multi-year extension of the tax extenders before the end of 2017.

In a letter to House and Senate leaders as well as members of the key tax writing committees, the organizations said the temporary tax provisions that expired at the end of 2016 impact sectors that are vital to the U.S. economy and support thousands of jobs nationwide. The organizations asked that Congress add a multi-year extension, beginning January 2017, of these important tax provisions to any end-of-the-year legislative vehicle.

Among the tax provisions that expired in 2016 is the biodiesel blenders’ tax credit, which since 2005 has helped fuel retailers to sell biodiesel at a price that is cost competitive with gasoline and diesel, thereby advancing consumer consumption. The lapse in the tax credit has created significant market uncertainty.

"Allowing these tax provisions to remain lapsed creates confusion in the marketplace, and effectively increases taxes on entities that create jobs and economic growth,” the organizations said. “Acting to extend these expired tax provisions will allow businesses to make important planning decisions.”

NATSO on Dec. 18 along with all major associations representing the biodiesel supply chain also signed a letter urging leaders of the House Committee on Ways and Means and the Senate Finance Committee to include a retroactive, multi-year extension of the biodiesel blender tax incentive in end of year legislation. The letter, which was signed by the National Biodiesel Board, the American Trucking Associations and all fuel retail groups, including the National Association of Convenience Stories, Petroleum Marketers Association of America, and the Society of Independent Gasoline Marketers of America, demonstrated to Congress that the industry is unified in support of extending the biodiesel blenders’ tax credit.

via Business Feeds

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