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30C). 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. Liz Hilton The Alternative Fuels Tax Credit extends the $0.50 per gallon fuel credit/payment for the use of natural gas and propane autogas as transportation fuels. © 2021 North Coast Media LLC, All Rights Reserved. View source version on businesswire.com: If you experience any issues with this process, please contact us for further assistance. https://www.businesswire.com/news/home/20201230005331/en/, Hyliion Holdings Corp. The AFTC extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. The section 30C alternative fuel vehicle refueling property credit was retroactively extended to cover refueling property placed in service in 2018, 2019, and 2020. Photo by Joe McCarthy. Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 commercial vehicles, applauded the extension of the Alternative Fuels Tax Credit (AFTC) through 2021. “Congress is sending a clear message to the country that it recognizes propane as a clean and green fuel of the future,” says Kaminski. The limitation is increased for miles of track assigned to an eligible taxpayer fr… 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. 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 … 1865 includes an extension of the alternative fuel tax credit and the refueling property credit, covering the years 2018-20. Looks like US Congress just extended 30% tax credit on EV charging station installation - Sec. “The association looks forward to working with Congress in the coming years to build on this significant victory and bring value to propane customers across the country.”. Included with the passage of year-end funding and COVID-19 relief, the credit adds to the growing support of natural gas as an affordable and cleaner fuel source powering heavy duty vehicles today. Following Senate passage, H.R. The AFTC extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel. The AFTC extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel. The legislation also includes the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. Recognizing the advantages of propane as an independent energy source with wide-ranging applicability, H.R. Congress passed H.R. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Other vehicles, depending on their fuel efficiency, qualify for an additional $1,000 to $4,000 credit. “This legislation will motivate consumers to make smart, green energy decisions, drive the development of modern technology using resilient energy sources such as propane and promote the growth of small businesses.”. You can sign up for additional alert options at any time. The legislation also includes the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. Alternative Fuel Vehicle Refueling Property Credit (Form 8911) Taxpayers can claim a credit for qualified property placed in service in 2012 through 2014 of: • 30% of depreciable property up to $30,000. Credit for alternative fuel vehicle refueling property (sec. 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. H.R. NPGA says it will provide guidance to the industry from the U.S. Internal Revenue Service on how to claim the credit retroactively and for 2020. For more information, visit www.hyliion.com. If you enjoyed this article, subscribe to LP Gas to receive more articles just like it. Headquartered in Austin, Texas, Hyliion designs, develops and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial vehicles, with the goal of transforming the commercial transportation industry’s environmental impact at scale. 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. By providing your email address below, you are providing consent to COMPANY NAME to send you the requested Investor Email Alert updates. In addition, NPGA says it will continue to advocate for H.R. 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. H.R. Hyliion’s Hypertruck ERX powertrain will provide measurable cost savings to fleets while reducing emission levels compared to standard diesel-powered vehicles. 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, which will provide the propane industry with prospective tax certainty as well as valuable research and development funding, the National Propane Gas Association (NPGA) announced. 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. At COMPANY NAME, we promise to treat your data with respect and will not share your information with any third party. The legislation includes the Alternative Fuels Tax Credit, which extends the $0.50 per gallon 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. Natural gas as a transportation fuel your request, you are providing to... Reducing emission levels compared to standard diesel-powered vehicles advantages of propane as an independent energy source with applicability... 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