Wyden to Extend Tax Credit on Renewable Fuel Infrastructure
Bill Extends and Improves on Existing Tax Credit Set to Expire
Washington, D.C. – As the first of the nation’s mass market electric vehicles are set to debut at the end of this year, the tax credit that helps businesses and residents afford the cost of constructing alternative-fuel refueling infrastructure will expire. U.S. Senator Ron Wyden (D-Ore.) has introduced bipartisan legislation to extend and improve the tax credit on the refueling infrastructure the motor vehicle industry needs for alternative fuel vehicles to succeed.
“Whether you’re plugging in the new electric vehicles or filling up on natural gas or hydrogen, there can be no worse time for this tax credit to expire than when manufacturers are gearing up to mass produce more alternative fuel vehicles,” Wyden said. “This tax credit will boost the alternative fuel industry and help make sure that there are charging docks and alternative fueling stations for the next generation of automobiles, trucks, and buses.”
The legislation extends an existing tax credit intended to help defray the cost of installing new alternative refueling and recharging equipment. The current tax credit expires at the end of 2010, roughly the time when the first widely available electric vehicles will be coming off the assembly line and into U.S. showrooms. The bill extends the tax credit through the end of 2014 and makes it more useful for businesses of all sizes and residents considering constructing refueling and recharging infrastructure. It is extended for all types of alternative fuels and does not favor any one type over another.
The bill will increase the base credit from $50,000 to $100,000 to bring it more in line with the actual cost of the equipment. It will promote renewable fuel diversity by removing the cap on how much each refueling location can receive. Instead, it offers the tax credit for each type of alternative fuel, allowing a refueling station to install equipment to sell more than one type of alternative fuel. The bill also allows for multiple owners of buildings -- such as condominiums or co-ops -- to share the credit.