House Passes Biodiesel Credit

STREATOR, Ill. (DTN) -- The U.S. House of Representatives passed a bill Wednesday that included an extension of the $1-per-gallon biodiesel blenders credit.

The House passed HR 5771 late Wednesday (12/3), the “Tax Increase Prevention Act,” 378 to 46 and sent it on to the Senate for consideration. The credit, which expired Dec. 31, 2013, extends the biodiesel tax credit through the end of this year.

If the Senate passes the $45 billion bill, it is expected to be signed by the president.

The bill, which extends more than 50 federal tax breaks including the biodiesel blenders credit, was acted upon for the one-year extension because the Internal Revenue Service told Congress that failure to enact at least a one-year extension would delay tax filings and jeopardize tax returns for millions of U.S. taxpayers.

At attempt to extend the credit for two years failed in the House last week.

(BM/CZ)

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