Jefferson
City , MO - The Internal Revenue
Service (IRS) has recently published Form
8911 Alternative Fuel Vehicle
Refueling Property Credit 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 interpreted 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 bipartisan support in the Congress last
year, but the initial co-sponsors were Senators
Jim Talent and Barack 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.
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