The Car and Truck Fleet and Leasing Management Magazine

Energy Bill Provisions Included in Other Bills

October 26, 2004

A few provisions from H.R. 6, the comprehensive energy legislation, were included in other bills that passed the Congress in recent weeks, according to the National Association of Fleet Administrators (NAFA). Items of interest to fleet managers include deductions for qualified clean-fuel and electric vehicles. The phase-out of the deductions for both types of vehicles began this year. The bill postpones phase-out until January 1, 2006. Any vehicles placed in service prior to that date will not be affected by the phase-out. (This was included in H.R. 1308: Working Families Tax Relief Act of 2004).A Biodiesel income tax credit also was passed. The bill provides a new income tax credit for biodiesel and qualified biodiesel mixtures called the biodiesel fuels credit. No such credit exists under current law. The biodiesel mixture credit is 50 cents for each gallon of biodiesel used by the taxpayer in the production of a qualified mixture. The biodiesel credit is 50 cents for each gallon of 100 percent biodiesel fuel used in trade or business or sold for use in a vehicle.(This was included in H.R. 4520: The American Jobs Creation Act of 2004.)
Twitter Facebook Google+

Comments

Please note that comments may be moderated. 
Leave this field empty:
 
 

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.

Sponsored by

A specialized form of leasing wherein some or all fleet costs are estimated in advance, then budgeted and billed by the fleet management company with periodic invoices (usually monthly).

Read more

Up Next

More From The World's Largest Fleet Publisher