NEWPORT BEACH, CA (STL.News) Clean Energy Fuels Corp. (NASDAQ: CLNE) applauds the passage by the U.S. Congress of an alternative fuel tax credit which will continue to support the use of natural gas, a clean and affordable domestic transportation fuel option. Signed today by President Trump, the credit is retroactive beginning January 2018 and extends through 2020 and applies to compressed natural gas (CNG) and liquefied natural gas (LNG).
“This tax credit will support the continued expansion of natural gas fueling in the U.S., which will help to clean our air, address long-term climate issues and keep dollars here,” said Andrew J. Littlefair, president and CEO of Clean Energy. “We applaud Congress and the President for taking this action and encourage the implementation of permanent measures to encourage further use of this superior and cleaner fuel.”
The legislation includes the Alternative Fuels Tax Credit, which extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel, and the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property.
Natural gas vehicles are powered by American fuel, American technology, and American innovation. No commercially-available heavy-duty powertrain solution runs cleaner than natural gas, and the cleanest heavy-duty truck engine in the world is powered by natural gas.
The Alternative Fuels Tax Credit was last extended for the 2017 calendar year and applies to all classes of natural gas vehicles fueled by geologic and renewable CNG and LNG. More and more of the CNG and LNG vehicle fuel is being derived from renewable sources such as dairies and landfills, making it the cleanest fuel available today. The tax credit’s longer-term extension is important to provide investment certainty for fleets of all shapes and sizes working to reduce their environmental footprint and address clean air and climate change sustainability goals.