Energy Tax Incentives Contained in Fiscal Cliff Agreement

January 1, 2013 04:43 PM
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via a special arrangement with Informa Economics, Inc.

Details of major provisions, including extension of biodiesel tax incentive

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.

The fiscal cliff agreement extends the following provisions that are aimed primarily at energy incentives, which would reduce revenue by nearly $18.1 billion over 10 years, for the 2012 and 2013 tax years:

• The requirements for exterior windows, doors and skylights to be eligible for the non-business energy property tax credit.
• The credit for alternative fuel vehicle refueling property;
• The credit for two-wheeled or three-wheeled plug-in electric vehicles;
• The credit for production of cellulosic biofuel with a maximum credit of $1.01 per gallon and inclusion of fuel from algae, as well as the special depreciation allowance for cellulosic biofuel plant property and the inclusion of algae-based fuel plant property;
• The excise tax credits and outlay payments for biodiesel and renewable diesel, as well as credits for biodiesel fuel and renewable diesel fuel used to produce a qualified mixture;
• The credit for production of Indian coal facilities;
• Certain credits for renewable energy, such as extension of the expiration date for renewable electricity production credit construction through 2013, including for wind facilities, exclusion of paper that is commonly recycled from the definition of municipal solid waste for
purposes of the renewable energy production credit, and the election to claim the energy credit in lieu of the electricity production credit;
• The credit for construction of energy-efficient new homes and well as for energy-efficient appliances;
• The special rule for sales or dispositions to implement Federal Energy Regulatory Commission (FERC) or state electric restructuring policy; and
• Excise tax credits and outlay payments for alternative fuel and excise tax credits for alternative fuel mixtures, other than liquefied hydrogen.

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.






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