11/20/2020 | News release | Distributed by Public on 11/20/2020 11:33
The American Farm Bureau Federation and more than 60 other organizations are urging Congress to extend tax provisions that promote biofuel production, as well as craft breweries, wineries and distilleries.
Among more than 30 temporary tax provisions, commonly known as 'tax extenders,' set to expire at the end of the year are a handful important to agriculture. They include tax credits for second-generation biofuel producers; tax incentives for craft breweries, wineries and distilleries; tax credits for alternative fuel and alternative fuel mixtures; and tax credits for alternative fuel vehicle refueling property.
'Allowing these tax extenders to lapse at the end of 2020 would undermine their effectiveness, threaten thousands of jobs in the U.S. economy and cause needless uncertainty for taxpayers at a time when many are coping with severe economic hardship,' the groups said in a letter to congressional leaders.
The tax provisions that will lapse without congressional action have a direct impact on hiring, job retention and business investment, the groups noted, emphasizing the positive impact their extension would have on an economy in serious need of recovery.
'Giving taxpayers stable tax rules by providing an uninterrupted extension of expiring tax provisions is a common-sense step Congress can take to help America's entrepreneurs and job-creators navigate challenging economic times,' they wrote.
The 60-plus groups that signed the letter represent diverse business, energy, transportation, community development and agriculture stakeholders that employ millions of workers.