Get ready to claim your $0.50/gallon alternative fuels excise tax credits and $30K alternative refueling infrastructure tax credits for 2014
On Tuesday night, the U.S. Senate passed the Tax Increase Prevention Act of 2014, which holds among its dozens of provisions an extension of the federal $0.50/gallon alternative fuels excise tax credits and a return of the 30% alternative refueling infrastructure tax credits.
The House passed the bill, H.R.5771, on Dec. 3. President Obama is expected to sign the legislation.
The excise tax credits cover compressed natural gas (CNG), liquefied natural gas (LNG), propane autogas and other alternative transportation fuels. The incentive last expired at the end of 2013, and it had not been extended this year.
H.R.5771 extends the measure through 2014, so all alt-fuel purchases made this calendar year are eligible for the credit. However, the lame-duck Congress did not opt to extend the credits into 2015 and beyond, and the many industries whose tax credits received only a one-year bump are hoping that the new Congress takes up more comprehensive, long-term tax incentives in 2015.
For its part, the 30% alternative refueling infrastructure tax credit is an incentive designed to promote the buildout of CNG and other refueling stations. The credit is capped at $30,000. Additionally, H.R.5771 reinstates the $1,000 home refueling tax credit for 2014.
We have called and personally informed about this development as well as the right way to capture those credits those clients that have purchased equipment through CNG Center. If you end up buying CNG fueling equipment from someone else or was operating public access CNG fueling station in 2014 please keep an eye on this development as it may help you to put thousands of dollars back in your pocket.