Nick Fetty | December 18, 2014
A $41-billion package of tax breaks passed by the U.S. Senate earlier this week is expected to benefit Iowa’s biodiesel and wind energy industries.
The House passed the legislation (378 to 46) earlier this month with bipartisan support and after the Senate’s approval (76 to 16) it now awaits President Obama’s signature. Congress was unable to agree upon a two-year deal so the Tax Increase Prevention Act will extend 55 different tax credits and extensions through 2015.
Sen. Ron Wyden (D-Oregon) – who also serves as chairman for Senate Finance Committee – was critical of Congress for not passing the legislation sooner citing it does not provide “nearly enough time for the important provisions in this package to catalyze growth among businesses or to support families in a meaningful way. It’s not enough time to put a dent in veterans’ unemployment, to start a clean energy project and hire new workers, or to help a student who’s on the fence about whether to enroll in college next semester.”
Both of Iowa’s senator’s – Chuck Grassley (R) and the retiring Tom Harkin (D) – signed the legislation though Grassley also expressed disapproval with its “last minute approach.” With Republicans taking control of the senate for the upcoming session, Grassley said “My only hope is that in the new Congress we can make strides toward putting some certainty back in the tax code.”
President Obama is expected to sign the legislation later this week.