President Obama Signs H.R. 4853, Extending Alternative Fuel Tax Credits

President Obama signed H.R. 4853 into law, creating the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The Act extends the qualified alternative fuel vehicle fueling property tax credit, the volumetric ethanol excise tax credit (VEETC), and the ethanol and biodiesel producer tax credits. The Act reinstates, effective January 1, 2011, the alternative fuel and alternative fuel mixture excise tax credits, as well as the biodiesel blender excise tax credit. Within 30 days, the U.S. Department of Treasury will issue guidance to allow a 180-day period for the submission of a one-time claim for 2010 excise tax credits. See the Federal Incentive and Laws page for the full descriptions of these tax credits.