SB 253
Establishes a tax credit for certain alternative fuel refueling properties
Sponsor:
LR Number:
1118S.01I
Last Action:
2/23/2021 - Hearing Conducted S Economic Development Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2021

Current Bill Summary

SB 253 - For all tax years beginning on or after January 1, 2022, this act authorizes a tax credit for costs incurred for purchasing or installing qualified clean-burning motor vehicle fuel property, as defined in the act, placed in service after December 31, 2021.

For equipment installed to modify a motor vehicle which is propelled by gasoline or diesel fuel so that the vehicle may be propelled by a hydrogen fuel cell, compressed natural gas, liquefied natural gas, or liquefied petroleum gas, and for motor vehicles originally equipped so that the vehicle may be propelled by a hydrogen fuel cell, compressed natural gas, liquefied natural gas, or liquefied petroleum gas, the tax credit shall equal 45% of such costs.

For property directly related to the delivery of compressed natural gas, liquefied natural gas or liquefied petroleum gas, or hydrogen, and for property that is a public access recharging system for motor vehicles propelled in whole or in part by electricity, the tax credit shall be a per-location credit of 75% of such costs.

For property which is directly related to the compression and delivery of natural gas from a private home or residence, for noncommercial purposes, into the fuel tank of a motor vehicle propelled by compressed natural gas, the tax credit shall be a per-location credit of the lesser of 50% of such costs or $2,500.

Tax credits issued under this act shall not be refundable, but may be carried forward to any of the five subsequent tax years.

This act will sunset on August 28, 2027, unless reauthorized by the General Assembly.

This act is identical to SB 834 (2020).

JOSH NORBERG

Amendments

No Amendments Found.