Biobased and Renewable Products News: Tax

April 8, 2016
Iowa Renewable Chemical Production Tax Credit Signed Into Law
On April 6, 2016, Iowa Governor Terry Branstad signed Senate File 2300, creating a five cent tax credit, per pound of renewable chemicals produced from biomass feedstock between 2017 and 2026. Spokesman for Governor, Ben Hammes, stated, "Gov. Branstad believes this biochemical tax program will go even further to continue spurring economic growth all over Iowa, creating more high-quality jobs and attracting investments in renewable chemical manufacturing and advanced bio-refining." The bill passed the Iowa Senate on March 16, 2016, with a vote of 46-3, and the Iowa House on March 28, ... read more >
March 25, 2016
Iowa Senate Approves Renewable Chemical Production Tax Credit Legislation
On March 17, 2016, the Iowa State Senate voted 46-3 to approve Senate File 2300, a bill creating a production tax credit for renewable chemicals. The legislation was created to attract investment in renewable chemical manufacturing and biorefining to Iowa, and covers the production of higher value biochemicals from plant materials left over from biofuel production. The House Ways and Means Committee approved House File 2288, a companion bill, and sent the measure to the House floor. Senate File 2300 allows eligible businesses to claim a five cent tax credit per pound of renewable chemicals ... read more >
January 8, 2016
Omnibus Spending Bill Signed Into Law Includes Extension of Biofuel Tax Credit
On December 18, 2015, President Obama signed the omnibus spending bill, or Consolidated Appropriations Act, 2016, into law. The $1.1 trillion spending bill includes the retroactive extension of the $1 per gallon tax credit for biodiesel and renewable diesel blenders through December 31, 2016, while extending the second-generation biofuel production credit through January 1, 2017. In addition to extending tax credits for biofuels, the bill also funds a wide range of government programs through the end of 2016, including the Biomass Crop Assistance Program (BCAP), the Biorefinery, Renewable ... read more >
November 13, 2015
Senator Stabenow Introduces Legislation To Provide Tax Credits For Renewable Chemical Production
On November 10, 2015, Senator Stabenow (D-MI), along with Senators Coons (D-DE) and Franken (D-MN), introduced S. 2271, the Renewable Chemicals Act of 2015 to the Senate. If passed, the bill would amend the Internal Revenue Code of 1986 to create short-term tax credits for the production of renewable chemicals and for investments in renewable chemical production facilities. Producing eligible renewable chemicals from biomass feedstock would result in a tax credit of 15 cents per pound of renewable chemicals produced, or producers could take a 30 percent investment tax credit for qualified ... read more >
October 23, 2015
California Changes Tax Law To Allow For Biodiesel Tax Exemption
On October 4, 2015, California Governor Jerry Brown signed Assembly Bill No. 1032, an act to amend Sections 60501 and 60505.5 of the Revenue and Taxation code, relating to taxation, into law. The bill adds biodiesel to the list of fuels that are eligible for tax refunds when they are used for nontaxable purposes. Starting on January 1, 2016, the State Board of Equalization will provide refunds on the portion of nontaxable biodiesel removed from the terminal to those that can show that they have already paid the tax on the ... read more >
September 11, 2015
New Jersey Clarifies Definition Of Biofuels For Motor Fuel Tax Act Exemptions
On August 10, 2015, Governor Chris Christie (R-NJ) signed into law S.B. 2599/A-4121, an act concerning the definition of certain fuels and amending P.L.2010, c.22. The legislation clarifies New Jersey's Motor Fuel Tax Act exemptions to include biofuels made from recycled grease, plants, and animal fats. In addition, biobased liquid fuel and biodiesel fuel are now defined as renewable biomass. The clarification of the biofuel tax exemption is intended to encourage biodiesel businesses to invest in New Jersey now that they can be certain that they qualify for tax exemptions. The bipartisan ... read more >
September 4, 2015
IRS Releases Guidance On Income Tax Treatment Of 2014 Biodiesel Mixture Credits
On August 18, 2015, the Internal Revenue Service (IRS) released a notice containing tax code information for 2014 biodiesel tax credits. The focus of the notice is the treatment of credits under Internal Revenue Code Section 6426(c) and (d) that allow a biodiesel blender to claim a credit against tax liability. Generally, the tax liability is in the form of excise taxes imposed by Sections 4041 and 4081 and is reported on Form 720, Quarterly Federal Excise Tax Return, and the Section 6426 credits are claimed on Schedule C (Form 720), Claims. The IRS notice informs claimants about the federal ... read more >
August 7, 2015
Tax Credits For Renewable Chemical Production Introduced In The House
On July 29, 2015, a bill to amend the Internal Revenue Code of 1986 to provide credits for the production of renewable chemicals and investments in renewable chemical production facilities, and for other purposes (H.R. 3390) was introduced in the House. The bill would expand production and investment tax credits that are currently available to renewable energy producers to apply also to renewable chemical manufacturers. The program allows manufactures to choose either: (1) a 15 cents per pound production credit for eligible renewable chemicals; or (2) a 30 percent investment tax credit for ... read more >
July 31, 2015
Senate Passes Bill Extending Energy Tax Credits
On July 21, 2015, the Senate Finance Committee voted to pass a $96 billion package of tax extenders. The tax credits in the package include Individual Tax Extenders, Business Tax Extenders, and $16.4 billion in Energy Tax Extenders. The wind production tax credit, a $1.01 per-gallon production credit for second generation biofuels, energy efficiency credits, and a renewable electricity production credit that includes biomass and municipal solid waste, were all included in the tax credit renewals. Senator Charles Grassley (R-IA) added an amendment to the bill to convert three $1.00 per-gallon ... read more >
July 2, 2015
Master Limited Partnership Parity Act Reintroduced To House And Senate
On June 24, 2015, the Master Limited Partnership Parity Act (S. 1656) was reintroduced in the House and the Senate. The legislation would provide investors in renewable energy projects with tax breaks that are currently available to investors in fossil fuel-based energy projects. A master limited partnership is taxed as a partnership, but ownership interests are traded like corporate stock, thus avoiding the double taxation that can occur with traditional corporate structures when both profits and dividends are taxed. "Renewable energy technologies have made tremendous progress in the ... read more >
 < 1 2 3 4 5 >  Last › View 10 | 25 | 50 | 100 per page
 
BIOBASED AND RENEWABLE PRODUCTS ADVOCACY GROUP
2200 Pennsylvania Ave, N.W. Suite 100W
Washington, D.C. 20037
(202) 833-6580 | www.braginfo.org
Contact
 
Privacy Policy | Acceptable Use Policy 
©2018 Biobased And Renewable Products Advocacy Group
All Rights Reserved.