Inflation Reduction Act– How It Affects Your Fleet

August 30, 2022by cowest

Recently the Inflation Reduction Act of 2022, authorizing $369 billion investment in energy security and combating climate change was signed– the largest investment of its kind in U.S. history. The legislative action is projected to reduce harmful carbon emissions by roughly 40% by 2030.

The comprehensive Inflation Reduction Act promotes clean school buses, charging infrastructure, and high-tech manufacturing. Transportation investments that can help to expand the nation’s clean school bus fleet include:

  • $1 billion in grants for clean Class 6 and 7 heavy-duty vehicles
  • Up to $40,000 in tax credits for zero-emission commercial vehicles
  • Up to $100,000 in tax credits for heavy-duty charging infrastructure
  • $3 billion for direct loans to finance advanced vehicle technology manufacturing
  • $2 billion for grants to support electric and fuel cell vehicle manufacturing.

This budget reconciliation plan also funds an extension of the Alternative Fuel Tax Credit, a $0.37 credit for each gallon of propane sold in the transportation sector, including off-road vehicles such as forklifts. This credit is approved retroactively for 2022 and extended through 2024.

Those of us here at Colorado/West Equipment, Inc., and Nebraska/Central Equipment, Inc. are committed to helping you find the alternative fuel Blue Bird bus solution to meet your passenger needs.  Contact us today.

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