Fiscal Cliff Leads to Fiscal Advantage for Alternative Fuels
Even with compelling benefits like reduced fuel costs, lower emissions and independence from foreign oil, sometimes organizations need an extra push to support an alternative fuel like propane autogas or compressed natural gas.
Now Congress is giving businesses across the nation just that.
To avoid sending the country over the so-called fiscal cliff, Congress recently passed legislation on tax related issues affecting all Americans. But this law also affects the use of alternative fuels.
Two alternative fuel tax credits — a 50-cent-per-gallon alternative fuel tax credit and an alternative fuel infrastructure credit of 30 percent of incremental costs, up to $30,000 — have been extended through December 2013, with retroactive provisions for taxable year 2012.
The potential for savings from these tax incentives will further widen the cost gap between domestically produced fuels and foreign energy — savings that can be felt directly on the bottom-line.
This part of the legislation will also help our nation as a whole create more jobs, stimulate economic growth and deliver on energy security while bringing even more alternative fuel vehicle purchasers to the market. Our company has experienced exponential growth, as an example.
The stage has been set; now it’s time for American businesses to stop sending their money overseas to support more expensive, dirtier fuel. We as a country can make 2013 the year of viable, cleaner, less expensive and domestic fuels.