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July 31, 2015

Senate Passes Bill Extending Energy Tax Credits


On July 21, 2015, the
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.