Alt Fuels: Extends through 2016 the 50 cents per gallon alternative fuel tax credit and alternative fuel mixture tax credit. The credit is retroactive to Jan. 1, 2015.
Biodiesel: Extends through 2016 the existing $1.00 per gallon tax credit for biodiesel and biodiesel mixtures, and the small agri-biodiesel producer credit of 10 cents per gallon. The provision also extends through 2016 the $1.00 per gallon production tax credit for diesel fuel created from biomass. The provision extends through 2016 the fuel excise tax credit for biodiesel mixtures. The credits are retroactive to Jan. 1, 1015.
Refueling property: Extends through 2016 the credit for the installation of non-hydrogen alternative fuel vehicle refueling property. (Under current law, hydrogen-related property is eligible for the credit through 2016.) Taxpayers are allowed a credit of up to 30 percent of the cost of the installation of the qualified alternative fuel vehicle refueling property. The credit is retroactive to Jan. 1, 2015.
Bonus depreciation: Extends bonus depreciation for property acquired and placed in service during 2015 through 2019 ). The bonus depreciation percentage is 50 percent for property placed in service during 2015, 2016 and 2017 and phases down, with 40 percent in 2018, and 30 percent in 2019. Depreciation on a passenger automobile is limited to $8,000 in the first year.
Mass transit: Permanently extends the maximum monthly exclusion amount for transit passes and van pool benefits so that these transportation benefits match the exclusion for qualified parking benefits. These fringe benefits ($250 per month) are excluded from an employee’s wages for payroll tax purposes and from gross income for income tax purposes.
Source: NAFA Government Affairs Committee