House and Senate Approve Tax Extenders Legislation
HOUSE AND SENATE APPROVE TAX EXTENDERS LEGISLATION
Congress has approved a package of tax extenders legislation that includes a straight extension of the biodiesel and alternative fuel credits. The credits would be reinstated retroactive to the beginning of 2015 through the end of 2016. The proposal extends the credits in their existing form without modification; this means that any move to a producer credit will likely be tabled and reintroduced with a 2017 effective date. The proposal includes an instruction to the IRS to issue guidance for a one time claim of 2015 credits.
The legislation will now go to the President for his signature.