Why Extending the Alternative Fuel Tax Credit Matters
The National Propane Gas Association (NPGA) is advocating for a crucial two-year extension of the Alternative Fuel Tax Credit (AFTC). This incentive, set to expire on December 31, 2024, plays a significant role in promoting the adoption of alternative fuels, including propane autogas, by offsetting costs for businesses and consumers alike. The tax credit supports not just the environment but also the broader transition to cleaner energy sources.
Benefits of the AFTC for Propane Businesses
Propane autogas is a proven, low-emission fuel that offers cost savings compared to traditional gasoline and diesel. The AFTC, which provides a 37-cent-per-gallon tax credit for propane used in motor vehicles, has been instrumental in helping businesses reduce fuel expenses and invest in greener technologies. Extending this tax credit would encourage more fleet operators to switch to propane, thereby contributing to reduced greenhouse gas emissions and operational savings.
For companies in the propane sector, this extension could mean sustained growth in market demand and an opportunity to solidify propane’s role as a key player in the alternative fuel landscape. The credit’s continuation could also foster innovation in propane-powered vehicles, infrastructure, and technology development.
The Call to Action
The NPGA, along with a coalition of industry partners, is urging stakeholders to voice their support for this legislative effort. They are encouraging propane businesses and consumers to sign a letter to Congress, highlighting the importance of the AFTC in supporting their operations and promoting a cleaner energy future.
By participating in this advocacy, companies can help shape policy that directly impacts their bottom line and the sustainability of their operations. The NPGA stresses that now is the time to act, especially as Congress enters its final session of the year. Extending the AFTC not only benefits the propane industry but also aligns with broader goals of reducing environmental impact and supporting energy independence.
How to Get Involved
Propane businesses and supporters are encouraged to sign the NPGA’s letter urging Congress to pass this extension. By adding your voice, you’re contributing to a collective effort that aims to ensure the continuation of valuable tax incentives that drive growth and sustainability in the propane industry.
For more information on how you can support this initiative, visit the NPGA’s official website.
This extension is vital for maintaining momentum in the transition to alternative fuels and ensuring the propane industry’s competitive edge in a rapidly changing energy market.
