House Ways and Means releases tax bill
| The House Ways and Means Committee today released a draft of its provisions in the new budget bill, for markup Tuesday afternoon.The Independent Community Bankers Association said it was pleased the bill includes: The ACRE Act, which would provide needed interest rate relief for struggling farmers. Increasing the Section 199A deduction to 23% and making it permanent, which will be vital to Subchapter S community banks and other pass-through businesses. Making permanent lower individual rates, a higher estate tax exemption, and a higher alternative minimum tax exemption. |
| Renewable Fuels Association President and CEO Geoff Cooper said, “As the budget reconciliation process moves along, we are encouraged to see the inclusion of important tax provisions in the House Ways and Means Committee text released today.” “The draft language would extend the 45Z clean fuel production credit by four years, while also reinstating crucial tax benefits related to research and experimentation. These tax policies can help support expanded production of American energy, accelerate technology innovation, and boost rural economies by creating manufacturing jobs and opening new markets for America’s farmers.” Growth Energy CEO Emily Skor said, “The 45Z tax credit is a critical piece of this puzzle, and we’re glad to see that lawmakers on the House Ways and Means Committee recognize its importance. By including it in the reconciliation bill, this proposal would give biofuels producers a longer runway to innovate and to make investments in creating new markets for farmers.” |
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