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Senate Will Soon Consider Tax-Extenders Bill

Senate Will Soon Consider Tax-Extenders Bill

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Spencer, IA: (Apr. 23, 2014) – Iowa Senator Charles Grassley says the chances are the Senate version of a tax-extenders bill will come up for a vote in the next two weeks.

Grassley said Senate Minority Leader Mitch McConnell had sent an email indicating action on the bill will come soon. Work on the bill was completed by the Senate Finance Committee several weeks ago.

Tax provisions for agriculture and bioenergy expired on December 31st. If passed, the bill would reinstate most of those extensions through 2015, according to Grassley.

The bill keeps alive the $1-per-gallon biodiesel tax credit and the 10-cent-per gallon agri-biodiesel producer tax credit. It would also extend the $1.01-per-gallon cellulosic-biofuels-producer tax credit through 2015, especially important for cellulosic ethanol plants, like Project Liberty in Emmetsburg, that are just now coming on line.

One of the most important of the tax breaks, known as Section 179, allows farmers a greater up-front depreciation of farm equipment.

Grassley made his comments during a conference call with ag reporters on Tuesday.

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