This week, the Senate Finance Committee, by a vote of 19–5 approved a sweeping extension of 52 of 73 expired and expiring tax provisions. Importantly for the NGV industry, the legislation, which is titled “The Family and Business Tax Cut Certainty Act of 2012,” includes an extension of the alternative fuel excise tax credit ($ 0.50 per gasoline gallon equivalent) and the infrastructure refueling property tax credit ($30,000 or 30 percent). These credits expired at the end of 2011, but the new legislation would reinstate the credits back to January 1, 2012 (i.e., make them retroactive) and extend them through 2013. When these extensions were considered, Senators voting no were Job Kyl (R-AR), Mike Enzi (R-WY), John Cornyn (R-TX), Tom Coburn (R-OK), and Richard Burr (R-NC).
There are still critical steps before these incentives become law. The legislation must be approved by the full Senate, which has not yet scheduled it. In addition, the House has not yet produced a companion extenders package, and senior lawmakers in the House say it is not expected to do so until after the November election.
To see the entire hearing and to access the documentation the Senate Finance Committee prepared for the hearing, go to http://www.finance.senate.gov/hearings/hearing/?id=c36e29ca-5056-a032-5260-7997a539f948. For more information, contact Paul Kerkhoven at 202.824.7363 or email@example.com.