The Senate Finance Committee passed a two-year (tax years 2015 and 2016) tax extenders package that includes production tax credit for wind, the $1 per gallon credit for biodiesel, the $1.01 per gallon tax credit for cellulosic biofuels, and a higher Section 179 expensing allowance (from $25,000 to $500,000) used by producers for new equipment.
Sen. Orrin Hatch (R-UT), chairman of the committee, said, “This is the first time in 20 years where a new Congress has started with extenders legislation having already expired, and, given that these provisions are meant to be incentives, we need to advance a package as soon as possible.” Last December, Congress passed a tax extenders package that was retroactive and only covered the 2014 tax year.
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