We received some exciting news. It was announced that an extension of the $0.50 per gallon Alternative Fuels Tax Credit (AFTC) for the calendar years of 2018, 2019, and 2020 was included in a year-end FY 2020 spending bill that cleared the U.S. House of Representatives this past Tuesday, December 17, 2019. The measure went on to be approved by the U.S. Senate yesterday, Thursday, December 19, 2019. It is expected that President Trump will sign the bill by the end of the day TODAY, Friday, December 20, 2019. Tuesday’s vote followed a massive multiyear-long advocacy effort to extend the important industry measure which expired in 2017. In addition to the AFTC, the package included the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property for the same three-year period. You can read the full press release from NGVA HERE.
The next steps regarding the Alternative Fuels Tax Credit were shared on the NGVA FGAC teleconference on AFTC yesterday, along with the news that the White House is expected to approve the $0.50 per gallon AFTC bill by the week’s end. There will be an informational webinar on January 15, 2020 at 2:00EST to clarify the bill and provide tools to help companies walk their customers through the AFTC process. Additional webinar information will be made available soon. The expected timeline for starting any claims will be early March 2020. Additionally, all claims for 2018 and 2019 are required to be filed no later than early August 2020. Mark your calendars for the upcoming webinar on January 15, 2020 to hear the latest information on the tax credits.
It is important to note that Colorado/West Equipment Inc, and Nebraska/Central Equipment, Inc. are not tax professionals and do not give tax advice. We do, however, value our customers and want to provide any and all useful information.
As always Colorado/West Equipment, Inc. and Nebraska/Central Equipment, Inc. make passenger safety and customer service our top priority. We look forward to serving your bus needs. Contact us today.