NATSO, Others Urge Congress to Renew Tax Extenders

NATSO joined nearly 60 organizations representing a variety of business, energy, transportation, and agriculture stakeholders in urging Congress to renew expired tax incentives, including the biodiesel tax credit, before the 115th Congress adjourns. The groups asked that at a minimum the House and Senate retroactively extend these provisions through the end of 2019 arguing that their lapse has created confusion for the numerous industry sectors that utilize these tax incentives and support thousands of jobs in the U.S. economy. 

In a letter to House and Senate leaders as well as members of the key tax writing committees, the organizations said, "Continued uncertainty with regard to eventual congressional action on tax extenders is undermining the effectiveness of these incentives and stands as a needless barrier to additional job creation and economic growth in the private sector."

Among the tax provisions that expired 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. 

NATSO remains cautiously optimistic that this tax credit will be extended at least for 2018 (retroactive to Jan. 1) and perhaps 2019 and beyond.  It remains unclear whether this will occur in the lame duck session of Congress at the end of this year, or in the first half of 2019. 

Senate Finance Chairman Orrin Hatch (R-Utah) said Nov. 15 that expired tax incentives seem likely to get renewed during the lame-duck session, although no firm decision has been made.

If Congress considers the tax credit and other “tax extenders” in 2018, it is more likely to be just a one-year retroactive package; if consideration gets pushed to 2019, prospects improve for longer-term extensions. 



via Business Feeds

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