Coalition Backs Pump Tax Rollback

Coalition Backs Pump Tax Rollback

IRS is blocking Congressional intent.

A national coalition that ranges from public policy advocates to private corporations is supporting Growth Energy's request to Congressional tax writers to fix a program intended to promote the installation of fuel pumps to dispense mid-and high-level ethanol blends. The 152 member coalition backed proposal requests that Congress adopt a technical amendment that would allow petroleum retailers to receive tax credits up to $50,000, or 50% of the total cost of installing alternative fuel dispensing systems, such as ethanol blender pumps. An earlier IRS decision left retailers unable to take the full tax credit.

 

In a letter to members of the Senate Finance Committee and the House Ways and Means Committee, Growth Energy CEO Tom Buis said when Congress passed the tax credit, it was to ensure support for installing pumps that carry renewable, sustainable fuels like ethanol. But this IRS interpretation is blocking petroleum retailers from obtaining the full amount they are due, as intended by Congress.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish