The U.S. Congress recently passed a bill extending the Section 1603 grant program for one year, prolonging certain credits for biodiesel producers and both continuing and expanding first-year bonus depreciation.
On December 16, 2010, the U.S. Congress passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Tax Relief Act) primarily to address and extend expiring individual income tax rates, capital gain rates and dividend rates that were set to increase at the end of this year.
Additionally, the Tax Relief Act addresses the reinstatement of estate tax in 2011 and provides for lower estate tax rates. The act also contains several important energy-related provisions, including the extension of the Section 1603 grant program for one year, the extension of certain credits for biodiesel producers and the extension and expansion of first-year bonus depreciation. These energy-related provisions are the focus of the summary below.
The Tax Relief Act is currently awaiting signature by President Obama.
Please see full publication below for more information.