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Plan includes retroactive extension of biodiesel tax incentive
Lapsed U.S. tax incentives, including biodiesel, would be extended through 2015 in a plan released today by Sen. Ron Wyden (D-Ore.), chairman of the Senate Finance Committee. Link to plan.
As expected, Wyden scheduled an April 3 vote on his proposal, which was released today and would cost the U.S. government $67 billion over the next decade in revenue. The breaks expired Dec. 31, 2013.
Wyden’s plan excluded several tax breaks that may be added through amendments by the committee, including an extension of the production tax credit for wind energy and accelerated depreciation for motor sports tracks.
Wyden’s plan would extend a 50 percent bonus depreciation, continuing an investment incentive that started in the economic downturn last decade.
Comments: The issue is murky in the House, where lawmakers have been focusing on permanent changes to the U.S. tax code.
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