U.S. Senate Approves Energy Tax Provisions Which Includes Credits for Alt-Fuel Vehicles
The Senate has included an energy tax package as part of an export tax bill (S. 1637) approved earlier in May. The $18 billion package of credits and incentives is similar to those included in the comprehensive energy bill. The energy provisions are expected to eventually go to a congressional conference with the final export bill produced by the House, according to the National Association of Fleet Administrators (NAFA). However, House Ways and Means Committee Chairman Bill Thomas has acknowledged his reluctance to include energy tax breaks in a final bill.
The Senate-passed bill provides a credit for the purchase of new qualified fuel cell, hybrid, or other alternative fuel motor vehicle, according to NAFA. The buyer claims the credit, except in the case of a tax-exempt entity, in which case the seller may claim the credit.