1865, which will provide the propane industry with prospective tax certainty as well as valuable research and development funding, the National Propane Gas Association (NPGA) announced. • 30% of personal-use property installed at a taxpayer’s principal residence up to $1,000. Credit for alternative fuel vehicle refueling property (sec. By providing your email address below, you are providing consent to COMPANY NAME to send you the requested Investor Email Alert updates. After submitting your request, you will receive an activation email to the requested email address. The legislation includes the Alternative Fuels Tax Credit, which extends the $0.50 fuel credit/payment for the use of natural gas as a transportation fuel, and the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. The propane-powered vehicle credits are worth more than $500 million, putting more clean vehicles on the road and money back into the pockets of consumers, the association adds. Fleets will be able to leverage the AFTC in conjunction with Hyliion’s powertrains to drive even greater reductions in fueling costs. 1865 includes an extension of the alternative fuel tax credit and the refueling property credit, covering the years 2018-20. You must click the activation link in order to complete your subscription. The AFTC extension combined with recently released data from the California Air Resources Board (CARB) highlighting RNG vehicles reaching negative emission milestones adds to the growing momentum around RNG powered vehicle platforms. “This legislation will motivate consumers to make smart, green energy decisions, drive the development of modern technology using resilient energy sources such as propane and promote the growth of small businesses.”. 1865 includes an extension of the alternative fuel tax credit and the refueling property credit, covering the years 2018-20. Hyliion Holdings Corp.’s (NYSE: HYLN) mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of commercial transportation Class 8 vehicles by being a leading provider of electrified powertrain solutions. alternative fuel tax credit and the refueling property credit, PERC seeks comments on 2021 communications program, Gray, Gray & Gray’s energy practice leader elected partner, Propane provider grows footprint on Delmarva Peninsula, Targa Resources elects new board chairman. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. The AFTC extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel. The credit is limited to $3,500 multiplied by the number of miles of track owned or leased by the taxpayer at the end of the taxable year. Credit extension. The AFTC extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel. The provision extends through 2019 a credit for the installation of alternative fuel vehicle refueling property placed in service before 2020 Available for property that dispenses alternative fuels including ethanol, biodiesel, natural gas, hydrogen, and electricity, the credit is capped at $30,000 per location for business property and $1,000 for property installed at a … The new law also retroactively extends the Alternative Fuel Vehicle Refueling Property Credit, which allows operators to claim up to 30 percent or $30,000 of the cost of installing qualified alternative fuel vehicle refueling property, including propane autogas refueling equipment. AUSTIN, Texas--(BUSINESS WIRE)-- The section 30C alternative fuel vehicle refueling property credit is retroactively extended for fuel sold or used in calendar years 2018 through 2020. Photo by Joe McCarthy. Hyliion Applauds Extension of Alternative Fuels Tax Credit, https://www.businesswire.com/news/home/20201230005331/en/. “When Congress and the private sector work together, America wins,” he says. The AFTC – a $0.50 fuel credit/payment for the use of natural gas as a transportation fuel – and the alternative fuel vehicle refueling property credit – a 30%/$30,000 investment tax credit for alternative vehicle refueling property – … It was the first time since 2015 that Congress extended the credits prospectively – through Dec. 31, 2020. “The extension of this credit will encourage fleet adoption, contribute to the growing clean technology sector and support our journey toward a greener future.”. Its continuation is important to provide investment certainty for fleets of all sizes working to reduce their environmental footprint and address clean air and climate change sustainability goals. The legislation also includes the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. Included with the passage of year-end funding and COVID-19 relief, the credit adds to the growing support of natural gas as an affordable and cleaner fuel source powering heavy duty vehicles today. Extension of credit for alternative fuel vehicle refueling property. Railroad track maintenance credit The credit for 50 % of qualified railroad track maintenance expenditures under section 45G is extended for five years, from applying for tax years beginning before Jan. 1, 2018 to now apply for tax years beginning before Jan. 1, 2023. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. For more information, visit www.hyliion.com. press@hyliion.com There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 30 percent of the cost of any qualified alternative fuel vehicle refueling property placed in service by the taxpayer during the taxable year. The AFTC extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel. Don’t claim the credit for alternative fuel vehicle refueling credit for fuel sold or used after 2020, unless the credit is extended again. The law extends both the Alternative Fuel Tax Credit and the Alternative Fuel Vehicle Refueling Property Tax Credit for three years – retroactively for 2018 and 2019 and prospectively for 2020. The legislation also includes the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. Plug in America is also calling for the extension of the Section 30C alternative fuel vehicle refueling property credit in federal tax law, which the … The Alternative Fuel Vehicle Refueling Property Credit extends the 30%/$30,000 investment tax credit for alternative vehicle refueling property. The AFTC extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel. H.R. The extension of the AFTC highlights the government’s continued support of clean technology and natural gas as a solution toward reduced emission levels. If you experience any issues with this process, please contact us for further assistance. The legislation includes the Alternative Fuels Tax Credit, which extends the $0.50 per gallon fuel credit/payment for the use of RNG as a transportation fuel, and the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/ $30,000 investment tax credit for alternative vehicle refueling property. Following Senate passage, H.R. The section 30C alternative fuel vehicle refueling property credit was retroactively extended to cover refueling property placed in service in 2018, 2019, and 2020. 5089, the Alternative Fuel Tax Credit Extension Act of 2019, which would extend the alternative fuel tax credit prospectively for several more years. Looks like US Congress just extended 30% tax credit on EV charging station installation - Sec. The AFTC extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel. © 2021 North Coast Media LLC, All Rights Reserved. H.R. https://www.businesswire.com/news/home/20201230005331/en/, Hyliion Holdings Corp. “Our customers have experienced the first-hand benefits of RNG as a cleaner and more effective fuel source,” said Thomas Healy, founder and CEO of Hyliion. The limitation is increased for miles of track assigned to an eligible taxpayer fr… To learn more about Hyliion, its products or leadership team, please visit www.hyliion.com. 1865 headed to the White House, where President Donald Trump signed the legislation into law Dec. 20, 2019. Congress passed H.R. 40404. The Alternative Fuels Tax Credit extends the $0.50 per gallon fuel credit/payment for the use of natural gas and propane autogas as transportation fuels. If you enjoyed this article, subscribe to LP Gas to receive more articles just like it. Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 commercial vehicles, applauded the extension of the Alternative Fuels Tax Credit (AFTC) through 2021. Credit extension. 1865 also provides funding for U.S. Department of Energy research, development and demonstration projects, including $5 million for propane vehicle engine technology development and access to up to $10 million for propane combined heat and power systems development. The credit attributable to depreciable property (refueling property used for business or investment purposes) is treated as a general business credit. Specifically, there is a 50-cents-per-gallon excise tax credit for certain alternative fuels used as fuel in a motor vehicle, motor boat, or airplane and a 50-cents-per-gallon credit for alternative fuels mixed with a traditional fuel (gasoline, diesel, or kerosene) for use as a fuel. Alternative Fuel Vehicle Refueling Property Credit (Form 8911) Taxpayers can claim a credit for qualified property placed in service in 2012 through 2014 of: • 30% of depreciable property up to $30,000. “The association looks forward to working with Congress in the coming years to build on this significant victory and bring value to propane customers across the country.”. View source version on businesswire.com: You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. Consult Your Tax Professional This document was prepared to describe the tax credits and is for informational purposes only. 30C). The credits – 37 cents per gallon on the sale of propane when used in motor vehicles (including forklifts and lawnmowers) and up to 30 percent of the cost of qualified alternative fuel vehicle refueling property (capped at $30,000) – incentivize the use and adoption of propane as an engine fuel, NPGA says. The legislation includes the Alternative Fuels Tax Credit, which extends the $0.50 per gallon fuel credit/payment for the use of RNG as a … The legislation also includes the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. Other vehicles, depending on their fuel efficiency, qualify for an additional $1,000 to $4,000 credit. “Congress is sending a clear message to the country that it recognizes propane as a clean and green fuel of the future,” says Kaminski. Recognizing the advantages of propane as an independent energy source with wide-ranging applicability, H.R. You can sign up for additional alert options at any time. Rep. John Larson, D-Conn., and Sen. Richard Burr, R-N.C., provided bipartisan and bicameral leadership to advance the policy initiatives, NPGA notes. At COMPANY NAME, we promise to treat your data with respect and will not share your information with any third party. The legislation also includes the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. The legislation includes the Alternative Fuels Tax Credit, which extends the $0.50 per gallon fuel credit/payment for the use of RNG as a transportation fuel, and the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. NPGA says it will provide guidance to the industry from the U.S. Internal Revenue Service on how to claim the credit retroactively and for 2020. Tax credits and is for informational purposes only, qualify for an additional 1,000. 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