The 109th Congress has adjourned for the year. In the closing days, Congress passed a continuing resolution to fund the government, including ag, through Feb. 15. A number of tax provisions were renewed, including the research and development tax credit, state sales tax deductions, and college tuition deduction. Other tax provisions important to ag include:
- Tariff on imported ethanol: extends the 54¢/gal. tariff on imported ethanol until January 2009. The tax was due to expire Oct. 1, 2007.
- Cellulosic ethanol: 50% bonus depreciation for new qualified cellulosic ethanol plants placed in service through Dec. 31, 2012. This provision applies to cellulosic ethanol derived from feedstocks such as switchgrass, wood fibers, shell hulls, agricultural residue and organic sources.
- Wind energy: extends the wind energy production tax credit until Dec. 31, 2008.
- Energy taxes: extends credits and deduction, including credit for electricity produced from renewable sources.
-- P. Scott Shearer, Washington, D.C., correspon