Nat Gas Act aims to jump start the Alt-Fuel Clean Transportation Industry - Emerging Technology Corporation, Green Division

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Nat Gas Act aims to jump start the Alt-Fuel Clean Transportation Industry

Senators Harry Reid (Majority Leader), Robert Menendez (D-NJ) and Orrin Hatch (R-UT) have introduced the Nat Gas Act to encourage the development and purchasing of natural gas vehicles.

The act includes provisions to:

Extend alt-fuel credits for both natural gas vehicles and fueling stations by a decade.

Expand and modify the Alternative Fuel Vehicles (AFV) and refueling property tax credits for natural gas vehicles.

Increase the purchase tax credit cap for producing and converting light-duty vehicles to NG to $12,500, and double that for heavier vehicles; the Act would also increase the refueling property tax credit to $100,000 per station.

Enable state and local governments to issue tax-exempt bonds to finance natural gas vehicle projects.

Give grants for NG engine development.

Enable any natural gas vehicle manufacturing facility that goes into service before January 1, 2015, to be able to expense 100% of the costs and treated as a tax deduction for the year it goes into service. (Source: Earth2Tech, July 9, 2009).

Contact: Senator Robert Menendez, (202) 224-4744, menendez.senate.gov; Senator Orrin Hatch, (202) 224-5251, hatch.senate.gov;

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