Biodiesel Credits Will Expire at the End of 2013
BIODIESEL CREDITS WILL EXPIRE AT THE END OF 2013
Chairman of the House Ways and Means Committee, Dave Camp (R-MI) has announced that Congress will not consider legislation to approve a package of tax extenders before the end of 2013. Such legislation typically includes the biodiesel and alternative fuel tax credits which are currently set to expire on December 31, 2013. Rep. Camp has not indicated whether Congress will take up the extenders at the beginning of 2014 and look to pass them retroactively or incorporate them into a larger package of tax reforms.
With the credits expiring, taxpayers will not be able to claim either the biodiesel, renewable diesel or alternative fuel tax credits for any previously eligible production, blending or sales that occur in 2014. Taxpayers will be able to file for credits that were earned prior to the expiration date on Forms 720, 8849, 4136 and 8864 that are timely filed in 2014.