By NGT News.
As expected, President Barack Obama signed into law last Friday two bills that benefit the alternative fuel vehicle industry.
H.R.5771, or the Tax Increase Prevention Act of 2014, retroactively extends over 50 lapsed tax breaks for one year through the end of 2014. The U.S. House of Representatives passed the bill on Dec. 3, and the Senate later followed suit.
The law includes an extension of the federal $0.50/gallon alternative fuels excise tax credit, which covers compressed natural gas, liquefied natural gas, propane autogas and other alternative transportation fuels. The extension means that all alt-fuel purchases made this calendar year are eligible for the credit.