Date: January 23, 2013
Source: News Room
House Republicans, the petroleum industry, and others are backing legislation to repeal tax credits for biofuels and alternative vehicles that were included in the 'fiscal cliff' package to avert increased income taxes even with biofuel industry concern that the deal did not go far enough. The "fiscal cliff" bill, passed earlier this month, extended expired credits for biodiesel and cellulosic ethanol production as well as tax incentives until 2014 for alternative fuel infrastructure needed to encourage the use of higher blends of ethanol, natural gas and hydrogen-fueled vehicles. It included provisions allowing biofuel and other firms to recoup the cost of new facilities through accelerated depreciation by lowering tax expenditures in the early years of production. House Energy & Commerce Committee power panel Chair Ed Whitfield (R-KY) and lead sponsor Rep. Mike Pompeo (R-KS) Jan. 15 introduced legislation, H.R. 259 that would repeal these and other tax credits in the 113th Congress.
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