Bergeson & Campbell, P.C.

Senate passes bill extending energy tax credits

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Courtesy of Bergeson & Campbell, P.C.

On July 21, 2015, the Senate Finance Committee voted to pass a $96 billion package of tax extenders. The tax credits in the package include Individual Tax Extenders, Business Tax Extenders, and $16.4 billion in Energy Tax Extenders. The wind production tax credit, a $1.01 per-gallon production credit for second generation biofuels, energy efficiency credits, and a renewable electricity production credit that includes biomass and municipal solid waste, were all included in the tax credit renewals. Senator Charles Grassley (R-IA) added an amendment to the bill to convert three $1.00 per-gallon tax credits that have previously gone to blenders of biodiesel to production credits that are intended to incentivize domestic production.

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