Senate Fails To Pass Measure Enabling It To Consider Important Biofuels Tax Extenders

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On May 15, 2014, the U.S. Senate failed to pass a procedural measure that would have allowed for that body to consider and vote on S. 2260, the "Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act," the package of tax extenders approved by the Senate Finance Committee in April. The EXPIRE Act includes extensions through December 31, 2015 (and retroactive to January 1, 2014), of the following key biofuels incentives that have expired: the Alternative Fuel Refueling Property Credit; the Second Generation Biofuel Producer Tax Credit; the Special Depreciation Allowance for Second Generation Biofuel Plant Property; the Biodiesel and Renewable Diesel Fuels Credit; and the Alternative Fuel and Alternative Fuel Mixture Excise Tax Credit. A copy of the EXPIRE Act is available online. A summary of the bill is also available online.

The EXPIRE Act has broad bipartisan support among Senators. The vote on cloture to end debate on the bill and pave the way for Senate consideration failed last week because the Senate Republican and Democratic leadership had a fundamental disagreement over whether and which amendments could be offered to the bill. Senate Majority Leader Harry Reid (D-NV) preserved his right to bring the bill up again for consideration. Senator Reid could do so soon if the leaders are able to agree on rules for offering amendments to the bill. The bill is widely expected to be considered later this year, however, during a lame duck session following the November elections. It is important that the Senate passes tax extender legislation that includes energy incentives in order to help ensure they are included in the final bill. The House of Representatives is expected to consider a smaller package of tax extenders that will likely not include the retroactive biofuels incentives so important to the industry.

 


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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