Newly introduced federal legislation aims to extend the alternative fuel tax credits on 26 provisions that expired at yearend 2017, and on the three other provisions that expired at yearend 2018.
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Among these provisions is Sec. 103 of the bill, extending through 2019 a credit for the installation of alternative fuel vehicle refueling property. The bill would credit all property that dispenses alternative fuel, and is not limited to a specific fuel type. The credit is capped at $30,000 per location for business and $1,000 for a principal residence.
The bipartisan legislation was introduced on Feb. 28 by Senate Finance Committee Chairman Chuck Grassley of Iowa and Ranking Member Ron Wyden of Oregon.
“While we still need to break the cycle of repetitive short-term extensions, the right thing to do right now is extend these already expired provisions for 2018 and 2019,” Grassley announced.
By extending the tax provisions for this year, Senator Grassley said this will give them room to take a long-term view of the temporary tax policy.
Grassley added, “We have developed a bad habit of extending these tax provisions year after year, and people and businesses have come to expect the extension will happen.”