|Congress Continues Incentives for Natural Gas Vehicles|
|Tuesday, 21 December 2010 08:39|
WASHINGTON, D.C. – Natural Gas Vehicles for America applauded two incentives extended through the end of 2011 by Congress last week.
The Middle Class Tax Relief Act of 2010 extends the $0.50 per gallon tax credit for compressed and liquefied natural gas when used as a vehicle fuel. This tax credit, which expired at the end of 2009, is retroactive for 2010. Congress also extended the investment tax credit for alternative vehicle refueling property, including natural gas stations. This covers 30 percent of the cost or $30,000, whichever is less. This credit also includes a $1,000 tax credit for a home refueling unit.
“At a time of very tight budgets, the inclusion of these tax incentives demonstrates Congress’ commitment to a growing natural gas vehicle industry,” said Richard Kolodziej, president of NGVAmerica. “Since natural gas vehicles reduce the use of foreign oil, reduce greenhouse gases and reduce air pollution, this legislation will help achieve all three of these national goals. And, importantly, this legislation will provide a significant boost to jobs throughout the natural gas vehicle field, not only in the production of natural gas but in the manufacture of the components that go into these vehicles, the manufacture of these vehicles, and the jobs that are created by building new natural gas stations.”
The natural gas vehicle tax credits, which expire next week, were not included in the legislation. But Kolodziej added that the industry will work to reinstate them in the new Congress.
Since federal incentives were introduced in 2006, NGVAmerica said vehicular natural gas usage has increased 25 percent each year, displacing more than 320 million gallons of gasoline. NGVAmerica said it expects that rate to continue to grow following the incentives extension.
|Last Updated on Tuesday, 21 December 2010 09:23|