Few Steps Remain to Reinstate Tax CreditRecent news from the National Propane Gas Association states that several tax provisions important to the propane industry are on track to be extended for 2014! While in October of this year things were fairly unclear, things have progressed and are looking up for the Propane Industry. Propane lobbyists have been tirelessly gearing up for months to gain momentum and support for tax incentives on propane fuel. These incentives will help make fuel more accessible to vehicle fleet operators and homeowners who want to invest in energy-efficient technologies.
In early December, lawmakers supporting the legislation were given news that they would be met with a Presidential veto. This gave them no other choice than to go back to the drawing board and come up with a new proposal. Emerging from the House of Representatives, the new proposal suggested a one-year extension of the expiring provisions, with no provisions being made permanent. The extension would include bonus depreciation, Section 179 expensing as well as the 50 cents-per-gallon fuel credit. Unfortunately, the NPGA lobbyists soon realized that the credit for Alternative Fuel Vehicle Refueling Property was missing from the bill.
Once discovered, the NPGA began working to correct the omission of the credit for Alternative Fuel Vehicle Refueling. After tirelessly reaching out to several members of the House Ways and Means Committee, the Chairman, Rep. Dave Camp (MI), introduced the amendment to reinstate the credit. The amendment was accepted and gave the legislation a final approval to move on to the House floor.
The legislation was passed in the House by a vote of 378-46, which gives the Senate pressure to approve it as well. There are still other factors that could change the tax extenders debate, but for now things are looking very good for tax credits on propane fuel to be extended to 2014.
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