NGVAmerica Applauds Tax Credit Extensions

NGVAmerica has praised the work of the U.S. Senate and House for passing tax legislation to extend the natural gas fuel and infrastructure tax credits for two years. 

Congress signed off on a $1.1-trillion funding bill with nearly $650 billion in tax breaks and dozens of other policy initiatives. The legislative package met Senate approval by a 65-33 vote. Afterwards, the bill was sent to the House, where it received overwhelming support.

The measure was then sent to President Obama’s desk, which the president is expected to sign into law.

The funding bill represented a rare bipartisan compromise, ratified at the last minute as lawmakers left Washington for the winter recess.

“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 Matthew Godlewski, president of NGVAmerica.

Since 2005, NGVAmerica has helped provide grants to assist school districts in replacing older school buses with new low-emitting vehicles, including natural gas, and retrofits existing school buses with emission reducing technologies. 

NGVAmerica backed key provisions contained in the act, such as the extensions of the Alternative Fuel Excise Tax Credit and Alternative Fuel Vehicle Refueling Property Credit. The natural gas fuel and infrastructure tax credits cover 2015 retroactively and will be offered for the entirety of 2016. 

“Congress clearly recognizes the economic, environmental and energy security benefits of natural gas in powering fleets across the country,” said Godlewski.

The passage of this omnibus spending bill will avert another shutdown and keep the federal government operational through September 2016.

“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. 

Last modified onMonday, 21 December 2015 09:26