On February 28, 2019, U.S. Senate Finance Committee Chairman, Senator Chuck Grassley and Ranking Member Senator Ron Wyden introduced bipartisan Senate legislation, the Tax Extender & Disaster Relief Act of 2019, to retroactively extend tax provisions that expired at the end of 2017.
“Congress needs to get out of this bad habit of regular retroactive extensions of these tax provisions. The whole point of these federal tax incentives is to encourage certain behaviors, especially investments in alternative energies, energy efficiency and transportation. The best way to do that is ahead of time, not retroactively,” Senator Grassley said regarding the credits.
The U.S. Senate Bill would retroactively extend the $0.50-per-gallon excise tax credit for alternative including propane for 2018 as well as extends the credit into 2019.
Additionally, it would do the same for the tax credit for alternative fuel vehicle refueling property. The provision extends through 2019 a credit for the installation of alternative fuel vehicle refueling property placed in service before 2020 Available for property that dispenses alternative fuels including propane; the credit is capped at $30,000 per business property.
Also, last week, NPGA reported to TPGA that the U.S. House Ways & Means Committee gave notice of their intent to hold a hearing this week to discuss tax extenders.
In correspondence to TPGA, NPGA reported the senate bill and congressional hearing are a positive step in addressing tax extenders as a whole while also extending the alt fuel tax credit. The bill & hearing are also an indication of bipartisan support across Congress.