SENATE FINANCE COMMITTEE CONSIDERS TAX EXTENDERS

This week, the Senate Finance Committee considered and passed, on a bipartisan vote, the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, a “tax extenders” bill. The bill seeks to extend tax incentives that either expired on December 31, 2013 or are set to lapse at the end of 2014. Of importance to the NGV industry, the legislation includes two-year extensions (from January 1, 2014 thru December 31, 2015) for the preexisting 50 cent per gallon alternative transportation fuel tax credit and the alternative fuel vehicle refueling property tax credit. The passage of this legislation by the Senate Finance Committee is the first step by the Congress to address the expired tax provisions. These provisions must still be considered by the full Senate and the House of Representatives before it can be sent to the President. Legislative language, amendment text and related materials are all available on the website of the Senate Finance Committee.