WASHINGTON, D.C. — Several alternative fuel and infrastructure tax credits have been retroactively extended through 2014.
The Tax Increase Prevention Act of 2014 (H.R. 5771) extends more than 50 provisions of the tax code that expired at the end of 2013 or during 2014. President Obama signed the bill into law last week.
Among the provisions in the bill are extensions through 2014 of tax credits related to fuels like propane, natural gas and biodiesel. Those include:
• Extension of the 30%/$30,000 investment tax credit for alternative-vehicle refueling property and the $1,000 tax credit for home refueling appliances.
• Extension of the $0.50 per gallon credits/payments for the business use of natural gas and propane as transportation fuels.
• Extension of the income and excise tax credits for biodiesel and renewable diesel fuel mixture.
Also among the tax provision extensions in the bill is a 50% bonus depreciation option for nearly all business equipment placed in service in 2014.
Alternative-fuel organizations voiced their support for the extension of the tax credits.
“The alternative-fuel tax and infrastructure credits were a significant win for our industry,” said Matthew Godlewski, president of natural gas vehicle organization NGVAmerica. “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.”
Alliance AutoGas President Stuart Weidie told Fleets & Fuels that, “While propane autogas is a competitive transportation fuel without tax incentives, we are pleased that the more than 650 fleet customers of Alliance AutoGas will realize the cost savings associated with the 50-cent per gallon credit in 2014.”
Andrew Littlefair, president and CEO of natural gas supplier Clean Energy, said that the fuel and infrastructure tax credits “will be another catalyst in the adoption of clean, U.S.-produced natural gas as a transportation fuel.”