Jefferson City , MO - The Internal Revenue Service (IRS) has recently published Form 8911 Alternative Fuel Vehicle Refueling PropertyCredit which provides the first ever federal income tax credit for the installation of E85 fueling systems.
The infrastructure development provision was part of the 2005 Energy Policy Act and provides a 30% federal income tax credit, up to $30,000 per property, to install alternative fuel dispensing systems.
Phil Lampert, Executive Director of the National Ethanol Vehicle Coalition stated, “The adoption of an infrastructure development credit in the Energy Bill has been the highest priority of the NEVC for the past four years. Additionally, we were concerned with the initial manner in which the IRS interrupted the law, but this final form clearly reflects the intent of the Congress that a vendor with multiple sites be able to utilize the credit at each property being upgraded to dispense E85.” The new federal income tax credit can also be used by units of government. This can be done by allowing the taxpaying installer to take the credit and indicate to the tax exempt the amount of the credit being provided to offset the total cost of the improvements.
“We believe that this new incentive will provide a significant boost to E85 fueling stations across the country and ease operators’ concerns about the initial cost of the equipment,” added Lampert.
Curtis Donaldson, Chairman of the NEVC stated, “The alternative fuel infrastructure tax credit passed with strong bipartisian support in the Congress last year, but the initial co-sponsors were Senators Jim Talent and Barrak Obama. We are very appreciative of their leadership in promoting this tax credit.”
Donaldson added, “While this new infrastructure tax credit can be used to advance all forms of alternative fuels, we feel that the greatest impact will be to assist our efforts to establish E85 fueling sites.”
The National Ethanol Vehicle Coalition is the nation’s primary advocacy group advancing the use of 85% ethanol as a form of alternative transportation fuel. See www.E85fuel.com for more information.
CFPA-WA: We are pushing for this here in Washington. It's high time that we break our dependency upon oil, and especially foreign oil.....
