Energy Tax Alert: Congress Extends Biofuel Incentives

Congress this week passed the Tax Increase Prevention Act of 2014, which extends a number of expired or expiring tax provisions through the end of 2014. The President is expected to sign the Act soon. The Act extends a number of biofuel, biodiesel and mixed diesel incentives, including:

• The second generation biofuel producer credit is extended to apply to qualified fuel production before January 1, 2015.
• The biodiesel and mixed diesel income tax credit is retroactively extended to qualified fuels sold or used before January 1, 2015.
• The excise tax credits for biodiesel mixtures and alternative fuels are extended to qualified fuels sold or used before January 1, 2015.
• The additional depreciation deduction allowance for second generation biofuel facilities is extended for one year, to apply to property placed in service before January 1, 2015.

Please contact your Stoel Rives attorney or one of the key contributors with any questions regarding any of these or other tax issues.