WASHINGTON – Earlier this week, the House of Representatives Ways and Means Committee held a hearing on marking up bills to permanently extend six of the more than 50  "tax extenders" that expired at the end of last year. The Senate version of the tax extenders bill, EXPIRE Act of 2014, has been introduced as S.2260 and placed on the calendar for a vote.

While the bill addresses many of the more than 50 tax relief provisions that expired on Dec. 31, 2013, there are several provisions that are particularly relevant to the convenience store and fuel retailing industries:

• A two-year extension of the biodiesel blenders’ tax credit;
• A two-year extension of the 30% investment tax credit for alternative vehicle refueling property (e.g., pumps for compressed or liquefied natural gas (CNG or LNG), ethanol and biodiesel, among other alternative fuels);
• A provision adding the “long-term unemployed” (i.e., those who have exhausted their 26 weeks of regular unemployment benefits) to the list of eligible populations for the work-opportunity tax credit (WOTC);
• A two-year extension of the 15-year accelerated cost recovery period for improvements to qualified retail facilities and restaurants under Section 168 of the Internal Revenue Code. This is an important provision for convenience stores that do not sell motor fuel.

NACS continues to work with Congress to extend the above provisions and others of value to the Convenience Store Industry.