Congress is working on legislation that would turn Obama’s plan into a reality. The New Alternative Transportation to Give Americans Solutions Act of 2011, or NAT GAS Act, would provide tax breaks and financial perks for the natural gas industry, as well as companies and municipalities that convert trucks and buses to natural gas.
The bill includes infrastructure credits for installing fueling stations, along with tax credits good for up to $7,500 for passenger trucks and $64,000 for commercial trucks that run on natural gas fuels.
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Says Club for Growth and Americans for Prosperity, among others:
“We believe that evenly applying low taxation across the board allows market participants to make choices that are not manipulated by Washington policymakers,” the letter reads. “By targeting tax preferences toward one type of transportation fuel—natural gas—the NAT GAS Act does the exact opposite. America’s tax code is already overburdened with too many carve outs for special interests that raise compliance costs, distort decision making, and advantage the politically well connected. The last thing Congress should be doing is making the tax code more complex.”