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Senate Committee passes renewal of 50 cent/gallon excise tax credit for CNG & LNG

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  • Senate Committee passes renewal of 50 cent/gallon excise tax credit for CNG & LNG

    Posted on August 13, 2015 by Admin in News BriefsThe Senate Finance Committee has passed a tax extenders bill that includes renewal of the 5-cents per gallon federal excise tax credit for using CNG and LNG as transportation fuels. The credits expired the last day of 2014, and the bill passed by the committee would retroactively renew the credits to the first of this year for a two-year period. The measure needs to be approved by the full Senate and House and signed by the president before it takes effect. It was approved by the Senate Finance Committee on a bipartisan vote of 23 to 3.
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