NGVAmerica Applauds Passage of Alternative Fuel and Infrastructure Tax Credits
Congress Continues to Support Natural Gas as a Transportation Fuel
Washington, D.C. — NGVAmerica applauds the U.S. Senate and House for passing tax legislation that extends the natural gas fuel and infrastructure tax credits for two years—retroactively for 2015 and for all of 2016. The measure now goes to the President for his signature.
“Passage of the alternative fuel tax and infrastructure credits means hundreds of millions in savings to NGVAmerica members and their customers for using clean-burning natural gas for their transportation needs,” said NGVAmerica President Matthew Godlewski. “Congress clearly recognizes the economic, environmental and energy security benefits of natural gas in powering fleets across the country.
The Protecting Americans from Tax Hikes (PATH) Act of 2015 extends numerous provisions of the tax code that expired at the end of 2014 or during 2015. NGVAmerica supported key provisions contained in the act, including:
- Extension of Alternative Fuel Excise Tax Credit, which extends the $0.50 per diesel gallon equivalent (DGE) and gasoline gallon equivalent (GGE) credit/payment for the use of natural gas as a transportation fuel; and
- Extension of Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property and the $1,000 tax credit for home refueling appliances.
Also included are the extension of several other tax provisions including the 50 percent bonus depreciation option for nearly all business equipment placed in service in 2015.
“As Congressional leaders contemplate tax reform next year, we look forward to discussing long-term proposals that promote the further adoption of natural gas as a transportation fuel,” said Godlewski.