By a count of 81 to 19, the U.S. Senate has approved the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The legislation reflects the framework of the tax agreement reached by President Obama and Congress. The U.S. House must also approve the legislation before it can be presented to President Obama for his signature.
American Farm Bureau Federation President Bob Stallman, says for America’s farm and ranch families, passage of estate tax relief is the single most important tax issue left unresolved by Congress. Farm Bureau has been an ardent supporter of estate tax reform that provides a $5 million exemption and maximum rate of 35%. Stallman says they are pleased Senate leaders included the provision in the bill and urge passage in the House.
Senator Chuck Grassley, R-Iowa says the only thing better than passing this legislation would be to make tax relief permanent.
The Act retroactively extends the biodiesel tax incentive through 2011. American Soybean Association President Alan Kemper, a soybean farmer from Lafayette, Ind., says this legislation is crucial to the economic viability of the U.S. biodiesel industry. Biodiesel is a major market for U.S. soybean oil, and has been a key factor in supporting domestic soybean prices in recent years. Kemper encourages all agriculture supporters to press their Representatives in the House to pass this legislation.
Growth Energy CEO Tom Buis says extending the current ethanol tax incentives for one year will give Congress the time to act on a plan to build out our nation’s renewable fuel infrastructure, as proposed in Growth Energy's Fueling Freedom proposal, and give consumers a choice at the pump that includes clean, renewable American ethanol.
The legislation extends for one year the VEETC and other tax incentives for ethanol. Renewable Fuels Association CEO and President Bob Dinneen, says this would provide the breathing room necessary to fully vet all the ideas on responsible reform of ethanol tax policy, including ideas on how to accelerate commercialization of advanced and cellulosic ethanol technologies. It also would allow for a thorough conversation on all energy subsidies, including those for fossil fuels.