The U.S. House of Representatives on Wednesday voted to approve H.R.5771, the Tax Increase Prevention Act of 2014, which contains a provision that would retroactively extend the federal $0.50/gallon alternative fuels excise tax credits through the end of this year.
These credits, which cover compressed natural gas (CNG), liquefied natural gas (LNG), propane autogas and other products used as transportation fuels, expired at the end of 2013. Over the years, the 50-cent incentive has helped alternative fuels gain a foothold by offering retail, commercial and private refueling owners a means to shore up the bottom line or pass fuel-cost savings on to customers.