Factsheet: Tax Increase Prevention Act of 2014

Tax Increase Prevention Act of 2014

Key Information
Full name of Instrument & Measure (English): 
Tax Increase Prevention Act of 2014, Subtitle C - Energy Tax Extenders
Description: 
sec. 152. Extension of second generation biofuel producer credit; Sec. 153. Extension of incentives for biodiesel and renewable diesel; Sec. 155. Extension of credits with respect to facilities producing energy from certain renewable resources; Sec. 157. Extension of special allowance for second generation biofuel plant property; Sec. 160. Extension of excise tax credits relating to certain fuels. Second generation biofuel producer that is registered with the IRS (Internal Revenue Service) may be eligible for a tax incentive in the amount of up to $1.01 per gallon of second generation biofuel that is: - sold and used by the purchaser in the purchaser's trade or business to produce a second generation biofuel mixture; - sold and used by the purchaser as a fuel in a trade or business; - sold at retail for use as a motor vehicle fuel; - used by the producer in a trade or business to produce a second generation biofuel mixture; - or used by the producer as a fuel in a trade or business. preceded by HR8 PUBLIC LAW 112–240 American Taxpayer Relief Act of 2012 (sec. 402,404,405,407)
Goal/Aim: 
Increase the share of (advanced) biofuels in transport.
Responsible Authority: 
Internal Revenue Service (IRS)

Status:

Trade Relevance: 
could increase the domestic demand of lignocellulose feedstocks for biofuels => availability for export
Year Last Instrument & Measure was last Amended: 
2014
Year Instrument & Measure Ended: 
2015