Efforts to extend Volumetric Excise Tax Credits (VETAC) in the USA beyond the current December 31 deadline have come one step closer to success this week with the House of Representatives passing the “Tax Extenders” Bill (HR4213) on Wednesday. The bill extends the tax credit of 50 cents per gallon of compressed natural gas (CNG) and 50 cents per liquid gallon of liquefied natural gas (LNG) used for vehicle fuel to December 31, 2010.
Andrew J. Littlefair, Chairman of NGVAmerica and President and CEO of Clean Energy Fuels, North America’s largest provider of natural gas for transport commended the vote. “The extension of VETAC is highly meaningful to both the economy and the environment as the United States seeks to reduce the use of imported petroleum products in favor of clean, abundant domestic natural gas,” he said . “Natural gas vehicle deployment is on the rise nationwide and is already contributing to petroleum reduction and environmental cleanup goals.”
The “Tax Extenders” Bill will now go to the Senate, and if passed there, will go to the President for his signature in order to become law.
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