President Obama agreed to a deal with Republicans to extend the so-called “Bush tax cuts” for another two years. These cuts will apply to all tax payers in all income brackets. Several other provisions are also a part of the deal including a 13 month extension of unemployment insurance, as well as a 2 percent employee payroll tax holiday for 2011. Although not mentioned by the president in his announcement of the deal, NPGA has learned from Congressional staff that an enhanced “tax extenders” package is also being considered for inclusion in this overall tax agreement. What would this mean for the propane industry? If agreed to, it would be an extension of all the alternative fuel tax credits that have been in place since 2006. The currently expired 50 cent-per-gallon alternative fuel tax credit would be extended through 2011. The alternative fuel vehicle and alternative fuel infrastructure tax credits, set to expire at the end of 2010, would also be extended through 2011.
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