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AL SB502
Bill
Status
Introduced
4/12/2012
Primary Sponsor
Robert Ward
Click for details
AI Summary
- Provides state income tax credits for tax years 2012 to 2017, inclusive, for compressed natural gas (CNG) motor vehicle expenses
- Allows credits up to 75 percent of the incremental cost of purchasing a CNG-powered motor vehicle compared to a non-CNG vehicle
- Allows credits up to 75 percent of the costs to convert an existing motor vehicle for CNG fuel usage
- Credits are applied dollar-for-dollar against Alabama taxpayer income up to the maximum authorized amount and may be carried forward for up to 10 additional tax years
- Authorizes the Department of Revenue to adopt rules for implementation and administration; becomes effective on the first day of the third month following passage and approval
Legislative Description
Tax Credit, vehicles equipped with compressed natural gas (CNG)
Taxation
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
4/12/2012
Committee Referrals
Finance and Taxation Education4/12/2012
Full Bill Text
No bill text available