IWLA Works with Allies to Extend Key Tax Credits for 2021

IWLA has joined a broad group of organizations representing business, energy, transportation, community development, and agriculture stakeholders in an effort to urge Congressional leaders to pass legislation extending several tax provisions that are set to expire at the end of the year (commonly called the “tax extenders”). The joint coalition letter that will be sent to Congress calls for extending these tax provisions before Congress adjourns for the year.

Previous lapses of these temporary tax provisions have caused hardship for many industry sectors and individuals that utilize these tax incentives. Uncertainty surrounding these provisions has created confusion and delayed investment in many sectors of the economy.

Among the credits set to expire are the $0.50 per gallon alternative fuel tax credit for compressed natural gas, liquefied natural gas, propane autogas, and other alternative transportation fuels, the 30 percent alternative fuel infrastructure tax credit, and the 179D Commercial Buildings Energy Efficiency Tax Deduction. These tax incentives help make the business case for acquiring alternative-fueled vehicles and other improvements that may offer increased efficiency and sustainability.

It is still unclear if Congressional leadership can agree on an end of year legislative package that includes tax extenders. However, the upcoming government funding deadline may act as a policy “vehicle” to have the credits extended.

Republican Leader of the House Ways & Means Committee, Rep. Kevin Brady (R-TX), recently told reporters that he was having discussions with the Committee Chairman, Rep. Richard Neal (D-MA), to resolve the issues surrounding the various temporary tax provisions. Additionally, he has signaled interest in Congress finalizing a “smart Covid package” during the lame-duck session.

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