Skip to content

IFB pushes for House passage of tax extenders

December 11, 2009

Illinois Farm Bureau urged members of the Illinois delegation Tuesday to pass H.R. 4213, the Tax Extenders Act of 2009.

The bill passed on a largely partisan 241-181 vote.   We thank Reps. Costello, Davis, Foster, Gutierrez, Halvorson, Hare, Jackson, Lipinski, Quigley, Rush, Schakowsky for their votes.

Included in the bill were extensions of the following tax breaks that benefit agriculture.   At the top of the list is the extension of the expiring biodiesel tax incentive.

Extension of tax incentives for biodiesel and renewable diesel. The bill would extend for one year (through 2010) the $1.00 per gallon blenders tax credit for biodiesel and the small agri-biodiesel producer credit of 10 cents per gallon. The bill would also extend for one year (through 2010) the $1.00 per gallon production tax credit for diesel fuel created from biomass.

Extension of enhanced charitable deduction for contributions of food. The bill would extend for one year (through 2010) the provision allowing businesses to claim an enhanced deduction for the contribution of food inventory.

Extension of five-year depreciation for farming business machinery and equipment. The bill would extend for one year (through 2010) the provision that provides a five-year recovery period for certain machinery and equipment which is used in a farming business.

Extension of provision encouraging contributions conservation easements. The bill would extend for one year (through 2010) the increased contribution limits and carryforward period for contributions of easements for conservation purposes.

Extension of the deduction of State and local general sales taxes. The bill would extend for one year (through 2010) the election to take an itemized deduction for State and local general sales taxes in lieu of the itemized deduction permitted for State and local income taxes.

Extension of the additional standard deduction for real property taxes. The bill would extend for one year (through 2010) the additional standard deduction for State and local real property taxes.

Extension of the above-the-line deduction for qualified tuition and related expenses. The bill would extend for one year (through 2010) the above-the-line tax deduction for qualified education expenses.

Extension of railroad track maintenance credit. The bill would extend for one year (through 2010) the railroad track maintenance credit for short line railroads.

Extension of special tax treatment of Unrelated Business Income Tax (UBIT) payments to tax exempt organizations. The bill would extend for one year (through 2010) the special rules for interest, rents, royalties and annuities received by a tax exempt entity from a controlled entity.

We have contacted our Senators to seek their support and gauge the potential for action by the end of the year.   It’s possible that the health care debate will prevent the Senate from acting before next year, when it’s possible to do a retroactive bill.  

Stay tuned.

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: