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Rebates / Tax Incentives

New Alternative Transportation to Give Americans Solutions (NAT GAS) Act

The 2011 Act, would provide new federal incentives for NGVs including:

  • Extending the vehicle purchase income tax credit by five years.
  • Dedicated vehicles would receive an 80% tax credit for the incremental cost of the vehicle or 80% of the conversion cost.
  • Bi-fuel vehicles would receive a 45% tax credit for the incremental cost of the vehicle or 45% of the conversion cost.
  • Increasing the caps on the vehicle purchase income tax credit.
  • Vehicles 8,500 pounds (lbs.) and less – cap at $7,500
  • Vehicles 8,501 to 14,000 lbs. – cap at $16,000
  • Vehicles 14,001 to 26,000 lbs. – cap at $40,000
  • Vehicles 26,001 lbs. and over - $64,000
  • Increases to lesser of 50% of the equipment cost or $100,000
  • Tax credit also extends to home refueling units, up to $2,000
  • Extending the Refueling Infrastructure Property Income Tax Credit by five years.
    • Extending the existing Excise Tax Credit to the Seller of CNG or LNG by five years.

 

The great State of Oklahoma has a tax credit available for individuals that pay state taxes. The tax incentive is for 45% of the total cost of the conversion. The links to download the forms are: http://www.tax.ok.gov/it2010/511CR-10.pdf and http://www.tax.ok.gov/it2011/567-A-11.pdf.

 

*We cannot guarantee that you will receive the tax credits.  The state of Oklahoma/US Government makes the final decision. But, we have never been told of anyone who did not receive it.

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