On April 2, Senate Finance Committee Chairman Ron Wyden (D-OR) and Ranking Member Orrin Hatch (R-UT) held a hearing to mark up the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. With bipartisan approval, the measure was successfully advanced and voted out of committee. The EXPIRE Act includes a two-year extension of both the transit commuter benefit and the alternative fuels tax credit.
The EXPIRE Act would extend, through 2015, the previous increase in the monthly employer-provided transit and vanpool benefits. With the expiration of the transit commuter benefit on Dec. 31, 2013, the benefit dropped to $130 from $250. This legislation would restore it at $250, per month, at parity with the parking benefit, and make it retroactive to Jan. 1, 2014.
The 50-cent-per-gallon alternative fuel tax credit and alternative fuel mixture tax credit would be extended through 2015. Of great importance to many APTA members, this credit can be claimed as a nonrefundable excise tax credit or a refundable income tax credit for the blending and sale of alternative fuel mixtures including compressed or liquefied natural gas, ethanol, biofuels, and liquefied hydrogen.
More information is available under "Legislative Alerts" at the APTA website.