Brady announces tax bill, extenders win National Biodiesel Board praise
House Ways and Means Committee Chairman Kevin Brady, R-Texas, released a tax and oversight package Monday that includes retirement and other savings enhancements, legislation to redesign the Internal Revenue Service, and temporary tax relief for victims of the wildfires in California and for communities impacted by Hurricanes Florence and Michael and by storms and volcanoes in the Pacific.
The package also addresses the tax extenders, and includes some time-sensitive technical corrections to H.R. 1, the Tax Cuts and Jobs Act.
“This broad, bipartisan package builds on the economic successes we continue to see throughout our country,” Brady said in a statement “The policy proposals in this package have support of Republicans and Democrats in both chambers. I look forward to swift action in the House to send these measures to the Senate.”
The National Biodiesel Board on Monday praised the package for its technical corrections to the Tax Cuts and Jobs Act and extension of several expired tax credits, including the biodiesel and renewable diesel tax incentive.
“NBB welcomes the proposal for a multi-year extension of this important incentive; it would keep the credit at its current rate of $1 per gallon for 2018 through 2021 but gradually reduce it to $0.33 per gallon by 2024 and then allow it to expire,” the group said.
Kurt Kovarik, vice president of federal affairs with the National Biodiesel Board, stated, “The biodiesel industry has long advocated for a long-term tax extension to provide certainty and predictably for producers and feedstock providers.”
“Too often, the credit has been allowed to lapse and then reinstated retroactively, which does not provide the certainty businesses need to plan, invest and create jobs.
“We appreciate the recognition that the biodiesel industry is integral to our domestic energy needs through this long-term extension. We look forward to working with our supporters on Capitol Hill to ensure that consumers, producers and marketers benefit from a long-term, forward-looking pro-growth tax policy.”