The federal government offers several programs that can benefit natural gas vehicle (NGV) drivers and those who buy or convert to NGVs.
Income Tax Credit for Natural Gas Fueling Infrastructure
Public Law (PL) 109-58 provides for an income tax credit equal to 30%of the cost of natural gas refueling equipment, up to $30,000 for large stations and $1,000 for home refueling appliances. The credit became effective after December 31, 2005, and expires December 31, 2011.
The American Recovery and Reinvestment Act of 2009 (PL 111-5) increased the value of the credit for property placed in service during 2009 and 2010. The credit value for these years is $50,000 or 50%of the cost, whichever is smaller, for business property.
The credit was set to expire December 31, 2010, but was extended by Congress in December 2010 via the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (PL 111-312). This law also includes an incentive allowing companies to expense 100% of the cost of new capital acquisitions in 2011. For 2012, bonus depreciation is worth 50% of the cost of property placed in service.
Excise Tax Credit to the Seller of Compressed Natural Gas (CNG) or Liquefied Natural Gas (LNG)
PL 109-59 provides for a tax credit of $0.50 per gasoline-gallon-equivalent of CNG or liquid gallon of LNG sold for use as a motor vehicle fuel. The credit went into effect October 1, 2006, and was extended as part of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (PL 111-312). This law not only extends the credit for 2011, but also makes it retroactive for fuel sales or use during 2010. Even fuel sellers without tax liability, such as public school systems, can claim this credit.
New Alternative Transportation to Give Americans Solutions (NAT GAS) Act
The 2011 Act, introduced by a large bipartisan coalition and backers of the Pickens Plan, would provide the following new federal incentives for NGVs:
- Extends the vehicle purchase income tax credit by five years.
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Dedicated vehicles would receive an 80% tax credit for the incremental cost of the vehicle or 80% of the conversion cost.
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Bi-fuel vehicles would receive a 50% tax credit for the incremental cost of the vehicle or 50% of the conversion cost.
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- Increases the caps on the vehicle purchase income tax credit.
- Vehicles 8,500 lbs. and less – cap at $7,500
- Vehicles 8,501 to 14,000 lbs. – cap at $16,000
- Vehicles 14,001 to 26,000 lbs. – cap at $40,000
- Vehicles 26,001 lbs. and over – $64,000
- Extends Refueling Infrastructure Property Income Tax Credit by five years.
- Increases to lesser of 50% of the equipment cost or $100,000
- Tax credit also extends to home refueling units, up to $2,000
- Extends existing Excise Tax Credit to the Seller of CNG or LNG by five years.
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