Grassley, Wyden announce taskforces to find solutions to temporary tax policy

In Washington, D.C., U.S. Senate Finance Committee Chairman Chuck Grassley of Iowa and Ranking Member Ron Wyden of Oregon announced the formation of several bipartisan taskforces to examine temporary tax provisions that expired, or will expire, between December 31, 2017 and December 31, 2019 – a total of 42 provisions – including biofuel related ones like the biodiesel tax credit.

The taskforces will be charged with examining tax policies within the following issue areas: workforce and community development, health, energy, business cost recovery, and a combined group consisting of individual, excise and other temporary policies. They will be tasked with finding possible solutions that would provide long-term certainty in these areas. A separate taskforce will examine whether there is a core package of tax relief provisions that should be available when natural disasters strike.

“It’s past time for Congress to end its bad habit of waiting until the last minute to extend temporary tax policy. This type of tax policy is meant to encourage long-term growth and investment. By definition, that must be done deliberately and ahead of time to be successful. I encourage stakeholders to view this as an opportunity to come to the table and work with us to find long-term solutions,” Grassley said.