The Senate Finance Committee released its proposed tax extenders package Tuesday – which includes a two-year extension of the dollar-per-gallon biodiesel tax incentive and a reinstatement of the pre-2014 expensing amounts for farm infrastructure and equipment under Section 179. American Soybean Association First Vice President Wade Cowan says more than 98-percent of American farms are owned by families – and the committee’s proposal is an important one for agriculture as it enables farmers to compete and succeed in the face of growing competition. Cowan says the biodiesel tax credit extension is huge – encouraging development and sustained success of the biodiesel marketplace. The biodiesel industry has been operating in absence of the credit since the end of the fiscal year in September – so Cowan says the proposal is a welcome first step toward putting the industry back on track for the next two-years. He says the Section 179 reinstatement also is important – allowing farmers and other small business owners to expense investments made in new technology, equipment and infrastructure in their operations. ASA hopes the full committee takes up and advances this proposal quickly – and calls on the full Senate and House to pass these provisions.
Source: NAFB News Service