On June 18, 2019, Representative Mike Thompson, (D-CA), Chair of the House Ways and Means Subcommittee on Select Revenue Measures, introduced the Taxpayer Certainty and Disaster Tax Relief Act of 2019. The bill includes:
- An extension of the $1-per-gallon tax credit for biodiesel and biodiesel mixtures;
- An extension of the small argi-biodiesel producer credit of 10 cents per gallon through 2020;
- An extension of the second generation biofuel producer credit through 2020;
- A $1.01-per-gallon nonrefundable income tax credit for second generation biofuel sold at retail into the fuel tank of a buyer’s vehicle, or second generation biofuel mixed with gasoline or a special fuel and sold or used as fuel (previously known as the cellulosic biofuel producer credit);
- An extension of the alternative fuel refueling property credit through 2020;
- A credit for the installation of alternative fuel vehicle refueling property, which includes property that dispenses alternative fuels, including ethanol, biodiesel, natural gas, hydrogen, and electricity;
- An extension of the special allowance for second generation biofuel plant property through 2020 and an additional first-year 50 percent bonus depreciation for cellulosic biofuel facilities; and
- The Section 45 tax credit for renewable energy would be extended through 2020, or one year in the case of wind facilities.
By extending a number of provisions that expired in 2017 and 2018, and preemptively extending provisions set to expire in 2019, Representative Thompson aims to reverse the trend of allowing important tax provisions to expire before being renewed, and rather consistently extend them on a forward-looking basis to provide greater certainty for taxpayers.