A measure to extend tax credits supported by farmers passed the U.S. Senate Finance Committee last week. The measure would extend tax credits on wind power and biodiesel. It would also reinstate bonus depreciation and provide other small business tax credits that are often used by farmers. The tax benefits expired at the end of 2013 and need to be reinstated to continue. The provisions in the bill would be extended retroactively and continue for two years – covering all of 2014 and 2015.
Iowa Sen. Charles Grassley, a member of the committee, heralded the panel’s passage of the renewable energy credits. "Renewable energy supports thousands of jobs and generates billions of dollars in investment across the country," Grassley said. "Public policy continues to help renewable energy develop and generate electricity and fuel from natural resources. It’s good news for the economy and for energy diversity to restore these provisions."