Biobased and Renewable Products News: Tax

December 13, 2013
Industry Urges Extension Of Key Biofuels Incentives
On December 9, 2013, 60 companies sent a letter to the leaders of the U.S. House Ways and Means Committee and U.S. Senate Committee on Finance urging them to extend various biofuels incentives. These incentives, including the $1.00 per gallon credit for biodiesel, are scheduled to expire at the end of the year. While industry was able to secure extension of these incentives last year in legislation to prevent the "fiscal cliff," the prognosis for similar success is diminished in light of the current comprehensive tax reform effort. The companies are against any proposal that would ... read more >
November 22, 2013
Joint Tax Scores MLP Legislation
This week, the non-partisan Joint Committee on Taxation released its score of S. 795, the Master Limited Partnerships Parity Act, a bi-partisan bill introduced by Senator Chris Coons (D-DE) earlier this year. The Committee estimated that the bill would cost $1.3 billion over ten years. Reportedly, Senator Coons welcomed the score and has committed to trying to find an offset or spending cut to pay for it. The Chair of the Senate Finance Committee's Subcommittee on Energy, Natural Resources and Infrastructure, Senator Debbie Stabenow (D-MI), has publicly stated her support for the ... read more >
November 15, 2013
Environmental Groups Urge Extension Of Renewable Energy Credits
On November 12, 2013, 17 "green groups," including Greenpeace, the Sierra Club, and the League of Conservation Voters, sent a letter to the leaders of the U.S. Senate Committee on Finance urging the extension of several tax incentives designed to promote investment in the development of clean energy. For instance, the letter urges the extension of the 48C Advanced Energy Manufacturing Tax Credit, which provides an investment tax credit of up to 30 percent of qualified investment in a qualifying advanced energy project, which is defined to be a project that establishes, expands, or ... read more >
November 8, 2013
Biodiesel Credits Determined Not To Be Gross Income
The Internal Revenue Service (IRS) has released an advice memorandum from the agency's Office of Chief Counsel determining that "y electing the § 6426(c) excise tax credit [biodiesel mixture credit] and/or the § 6427(e) excise tax payment instead of the § 40A income tax credit, a blender is not required by § 87 or by § 61 to include in its gross income the amount of the § 6426(c) excise tax credits and/or the § 6427(e) payments that it claims." A copy of the memorandum is available ... read more >
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