PRESIDENT OBAMA’S FY 2015 BUDGET REQUEST ADDRESSES NGVS
On Tuesday, President Obama released his $3.9 trillion fiscal year (FY2015) budget proposal. The energy part of the proposal reflects the President’s commitment to an “all of the above” energy strategy that includes support for NGVs. The President expressed his commitment during a speech last week at a Safeway distribution center in Maryland (see last week’s newsletter), during which the President instructed the EPA and DOT to work closely with industry and other stakeholders on the next round of standards for trucks. Of importance to the NGV industry, the President proposes a vehicle tax credit for medium duty and heavy duty alternative fueled vehicles, including vehicles fueled by CNG and LNG. Additionally, the President proposal fixes the LNG highway tax penalty by lowering the 24.3 cent per gallon highway excise tax on LNG to 14.1 cents per gallon. The President’s budget proposal does not address the fuel or infrastructure credits that expired December 31, 2013. For a copy of the President’s proposal, click here.