Trump Signs Sweeping Tax Bill

President Trump signed a sweeping tax bill on Dec. 22.

The bill is “the most significant overhaul of America’s tax system in decades,” reported The New York Times.

Congress set the stage for the signing when it gave final approval to the Tax Cuts & Jobs Act on Dec. 20. After that approval by Congress, Jim Collura, vice president and director of legislative affairs for the New England Fuel Institute, emailed NEFI members, “It is a major win for the White House and Congressional Republicans.”

Collura also reported that separate “tax extenders” legislation was introduced Dec. 20 by Senate Finance Committee Chairman Orrin Hatch (R-UT). “This bill includes a two-year retroactive extension of the biodiesel tax credit at the blender-level,” Collura reported. It extends many other recently-expired tax provisions as well, including tax credits for propane autogas and for the installation of energy efficient appliances and retrofits, Collura said. “It is unlikely this bill will be passed by the end-of-the-year,” he said. NEFI, based in Worcester, Mass., will support the tax extenders bill, Collura said.