New Alternative Transportation to Give Americans Solutions (NAT GAS) Act
The 2011 Act, would provide new federal incentives for NGVs including:
- Extending the vehicle purchase income tax credit by five years.
- Dedicated vehicles would receive an 80% tax credit for the incremental cost of the vehicle or 80% of the conversion cost.
- Bi-fuel vehicles would receive a 50% tax credit for the incremental cost of the vehicle or 50% of the conversion cost.
- Increasing the caps on the vehicle purchase income tax credit.
- Vehicles 8,500 pounds (lbs.) and less – cap at $7,500
- Vehicles 8,501 to 14,000 lbs. – cap at $16,000
- Vehicles 14,001 to 26,000 lbs. – cap at $40,000
- Vehicles 26,001 lbs. and over - $64,000
- Increases to lesser of 50% of the equipment cost or $100,000
- Tax credit also extends to home refueling units, up to $2,000
Extending the Refueling Infrastructure Property Income Tax Credit by five years.
- Extending the existing Excise Tax Credit to the Seller of CNG or LNG by five years.
The great State of Oklahoma has a tax credit available for individuals that pay state taxes. The tax incentive is for 50% of the total cost of the conversion. The links to download the forms are: http://www.tax.ok.gov/it2010/511CR-10.pdf and http://www.tax.ok.gov/it2011/567-A-11.pdf.
*We cannot guarantee that you will receive the tax credits. The state of Oklahoma/US Government makes the final decision. But, we have never been told of anyone who did not receive it.