NGVAmerica applauds President Obama for signing tax legislation into law that extends the alternative fuel and infrastructure tax credits retroactively for 2014. The alternative fuel and infrastructure tax credits further expand the development of fueling infrastructure that supports natural gas vehicles.
The Tax Increase Prevention Act of 2014 (H.R. 5771) extends over 50 provisions of the tax code that expired at the end of 2013 or during 2014. NGVAmerica lobbied for key provisions contained in H.R. 5771, including:
- Extension of Fuel Tax Credit for Natural Gas, which extends the $0.50 per gasoline gallon equivalent (GGE) credit/payment for the business use of natural gas as a transportation fuel; and
- Extension of Tax Credit for Alternative Fuel Vehicle Refueling, which extends the 30%/$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% bonus depreciation option for nearly all business equipment placed in service in 2014.
“The alternative fuel tax and infrastructure credits were a significant win for our industry,” says NGVAmerica President Matthew Godlewski. “The President’s continued support of the alternative fuel tax and infrastructure credits helps accelerate the use of clean, domestic natural gas as a transportation fuel.”
Click here to learn more about The Tax Increase Prevention Act of 2014 (H.R. 5771).