July 22, 2010

Biodiesel Tax Credit Approved



H.R. 4213, the American Jobs and Closing Tax Loophole Act, that contained a one year retroactive extension of the biodiesel tax credit was passed yesterday by the Senate and was sent back to the House for another vote. The House vote took place earlier today and the President signed the bill into law today.

The bill retroactively reinstates the $1.00 per gallon tax credit that expired on December 31, 2009 through the end of 2010.

H.R. 4213 Bill Summary
White House Statement

Update 7/23/2010 - The biodiesel tax credit was stripped out of the final version of the bill. The bill was also renamed the Unemployment Compensation Extension Act.

Update 12/17/2010 - The biodiesel tax credit was retroactively extended from the date it expired through the end of 2011. Ethanol And Biodiesel Tax Credits Approved

Current federal unemployment benefits lapsed at the end of May 2010. The bill, H.R. 4213, the American Jobs and Closing Loopholes Act of 2010 originally contained a provision to extend unemployment benefits, as well as a number of expiring tax provisions, which passed through the House on May 28, 2010. This bill will now be used as a vehicle for unemployment benefits only.

Unemployment Compensation Extension Act

2 comments:

Anonymous said...

You might want to research this a bit more. From what I've read, the version of HR 4213 that finally passed the Senate did NOT contain the bio-diesel tax credit. The link you have to the HR 4213 bill summary is to the original HR 4213 before it was altered.

mus302 said...

On that summary it says that the last action was that it was considered by the Senate on 7/21/10. So that should be what was voted on yesterday. But the fact that there is nothing in the news is starting to make me wonder if they trimmed the bill down at the last minute to get the unemployment extension passed.

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