The American Taxpayer Relief Act of 2012 passed by Congress on New Year’s Day includes the extension of three key ethanol related tax credits, which starts the new year off well for the ethanol industry.
“The one year extension of the cellulosic producer tax credit and accelerated depreciation provides some measure of certainty to ensure that 2013 will be a year of growth and milestones for the advanced ethanol industry,” said Bob Dinneen, President and CEO of the Renewable Fuels Association. “In addition, and equally significant, is the extension of the alternative fuel infrastructure tax credit which will accelerate E15’s entry into the marketplace this coming year.”
Dinneen says it would be better that the alternative energy provisions were extended for 5-7 years instead of just one, but it is certainly understandable. “Folks do understand that is all that was on the table and really it’s teeing up a longer conversation about what to do with our tax code,” he said. “We want to have that conversation because we want all energy tax incentives on the table” including those benefiting the oil industry.
In this edition of the Ethanol Report, Dinneen talks about the dysfunctional 112th Congress and his optimism that the 113th Congress will be better.
Listen to or download the Ethanol Report here: Ethanol Report on Congress in 2013
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