Congress Extends Tax Incentives for Energy Production and Conservation

DALLAS, Feb. 23, 2018 /PRNewswire/ -- As Ryan previously reported, the Bipartisan Budget Act of 2018, which Congress passed on February 9, 2018, contained a number of tax extenders, including a one-year retroactive extension of the Energy Efficient Commercial Building Deduction. The legislation also extends through 2017 a variety of other credits and incentives relating to energy production and conservation:

• Credit for production of cellulosic biofuels
• Existing $1.00 per gallon credit for biodiesel and biodiesel mixtures
• Small agri-biodiesel producer credit of 10 cents per gallon
• Production tax credit for certain renewable sources of electricity to facilities for which construction had commenced by the end of 2017
• Special, 50% bonus depreciation allowance for cellulosic biodiesel facilities
• $0.50 per gallon alternative fuel credit and alternative fuel mixture credit

And, while not a credit or incentive, the law also extends the oil spill liability tax on certain petroleum products. An excise tax of $0.09 per barrel is imposed on crude oil received at a refinery and petroleum products entered into the U.S. This tax, which expired at the end of 2017, is reinstated effective March 1, 2018 (and expires again on December 31, 2018).

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