Representatives of the autogas industry announced support for the Powering American Jobs Act of 2015, a combined tax-relief and government funding bill that brings tax certainty, valuable research dollars and regulatory relief to autogas companies.
H.R. 2029 included a two-year extension of tax credits and language that leveled the playing field among alternative fuels in the form of excise tax equalization. The legislation passed Congress late last year.
These tax provisions, industry insiders reported, will help the autogas industry make long-term investments in their communities.
“The two-year extension of the Alternative Fuels Tax credit and the refueling property credit will promote domestic fuels like autogas, make it easier to get more clean vehicles on the road and save consumers money,” said Rick Roldan, president and CEO of the National Propane Gas Association.
The bill provides funding for the U.S. Department of Energy to research autogas direct injection engines and small scale combined heat and power projects.
H.R. 2029 also provides additional business tax provisions, like the permanent expansion of Section 179 expensing and the five-year extension of Bonus Depreciation. Both these provisions should bring greater financial certainty to small businesses in the autogas industry.
Roldan praised the work of Representatives Mike Kelly (R-PA) and Ron Kind (D-WI) for their leadership to get to get the bi-partisan bill approved. “When Congress works together, consumers are the ultimate beneficiaries,” said Roldan.