Omnibus-COVID-19 package might include tax extenders
As Congress appeared close to a deal on an omnibus appropriations bill and COVID-19 relief late Wednesday, there were signs that the massive legislation might also extend tax breaks, and Growth Energy asked that biofuels measures be included.
Both The New York Times and The Washington Post reported that negotiations were continuing and that congressional leaders said they would not leave town until a bill is passed.
Senate Finance Committee Chairman Chuck Grassley, R-Iowa, said that the tax extenders might be included, Law360 reported.
“As of 3 o’clock yesterday, there was good hope of reaching an agreement. I can’t get into those details until they’re announced,” Grassley said Tuesday. “But there was some question that if we didn’t have a COVID package, whether that’s with or without the omni — and it’ll probably be in the omni — then we may not have extenders.”
On Wednesday, Growth Energy CEO Emily Skor wrote congressional leaders to urge them to extend the Section 40 Second Generation Biofuel Producer Tax Credit and the Section 45Q Tax Credit.
“The Second Generation Biofuel Producer Tax Credit, a $1.01 credit per gallon of second-generation biofuel and set to expire at the end of December 2020, provides an essential incentive for our biofuels industry to produce a low-carbon, renewable fuel which keeps our rural communities afloat,” Skor wrote.
“Section 45Q is a tax credit on a per-ton basis of carbon dioxide that is sequestered,” Skor added. “Ethanol plants are continuing to explore technological methods to further reduce their carbon footprint, and the Section 45Q tax credit is a key component to encouraging these advancements.”
Former House Agriculture Committee Chairman Rep. Frank Lucas, R-Okla., and 80 of his colleagues last week introduced the Protect Farmers from the SEC Act.
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