House Passes Smith Tax Relief Provisions

Washington, D.C. – Congressman Adrian Smith (R-NE), Ranking Republican on the Ways and Means Subcommittee on Select Revenue, released the following statement regarding House passage of year-end tax legislation:

"Nebraskans, and all Americans, deserve a tax code which provides long term certainty, common sense, and relief when they need it most. I am incredibly pleased this package meets those standards, ensuring electric cooperatives maintain their tax status when accessing disaster grants, providing general tax relief to areas of Nebraska hit by disaster, and ensuring several years of tax certainty to producers, refiners, retailers, and consumers who benefit from the biodiesel blender credit."

Included in the tax package are several bipartisan provisions Smith has led on in the Ways and Means Committee. These include:

• The RURAL Act which ensures tax-exempt rural electric cooperatives maintain their tax-exempt status when they use government grants, contributions, and assistance. Nebraska relies on public and cooperative power generation to affordably meet its needs. The RURAL Act (H.R. 2147), which Smith co-introduced with Rep. Terri Sewell (D-AL), has 304 cosponsors.
• Extension of the Biodiesel Tax Credit, which expired at the end of 2017, through 2022. The Biodiesel Tax Credit has played a significant role in growing domestic biodiesel production and consumption.
• Tax relief for Nebraskans and other Americans living and working in federally declared disaster areas. Smith led the entire Nebraska and Iowa delegations in introducing legislation providing tax relief for areas impacted by the March 2019 disaster impacting both states.

Legislation containing these Smith-led tax provisions passed the House of Representatives today on a 297-120 vote, and is expected to be passed by the Senate and signed by President Trump later this week.