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Obama Signs Nat Gas Tax-Extenders Legislation

President Barack Obama has signed into law a bill that allows fleets that purchased new trucks or use natural gas to reap large tax credits.

Under the measure, signed by the president on Dec. 19, carriers who bought new trucks or other equipment in 2014 can take the full depreciation write-off, rather than spread such investments over three years.

The law also renews the expired 50-cents-per-gallon tax credit for those who fill trucks with natural gas, whether they are carriers or fuel suppliers.

Other credits renewed include one of up to $30,000 for those who build natural-gas fueling facilities, a $1 per barrel credit for biodiesel producers and a 50-cent-per-gallon tax credit for those who fill vehicles, including forklifts in warehouses, with propane.

Link to original article from Transport Topics here.


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