“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. 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. 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. 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. Extension of credit for alternative fuel vehicle refueling property. 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. 1865 headed to the White House, where President Donald Trump signed the legislation into law Dec. 20, 2019. 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. Looks like US Congress just extended 30% tax credit on EV charging station installation - Sec. 1865 includes an extension of the alternative fuel tax credit and the refueling property credit, covering the years 2018-20. Hyliion Applauds Extension of Alternative Fuels Tax Credit, https://www.businesswire.com/news/home/20201230005331/en/. If you experience any issues with this process, please contact us for further assistance. The section 30C alternative fuel vehicle refueling property credit is retroactively extended for fuel sold or used in calendar years 2018 through 2020. View source version on businesswire.com: 40404. Hyliion’s Hypertruck ERX powertrain will provide measurable cost savings to fleets while reducing emission levels compared to standard diesel-powered vehicles. 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. You must click the activation link in order to complete your subscription. © 2021 North Coast Media LLC, All Rights Reserved. (833) 495-4466. 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. 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. This achievement demonstrates RNG’s ability to be cleaner than even zero-emissions solutions such as wind and solar electricity generation. 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. AUSTIN, Texas--(BUSINESS WIRE)-- 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. After submitting your request, you will receive an activation email to the requested email address. Credit extension. “Long-term credits give customers and communities certainty, providing the best incentives to increase investment in low-emission, propane-powered vehicles,” Kaminski says. https://www.businesswire.com/news/home/20201230005331/en/, Hyliion Holdings Corp. It was the first time since 2015 that Congress extended the credits prospectively – through Dec. 31, 2020. 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