SB58 Summary

• Provides state income tax credits for tax years 2012 through 2017 for taxpayers who purchase or convert vehicles to compressed natural gas (CNG) fuel.

• Allows up to 75 percent tax credit for the incremental cost of purchasing a CNG-powered vehicle compared to a non-CNG vehicle.

• Allows up to 75 percent tax credit for the costs of converting an existing motor vehicle to use CNG fuel.

• Credits apply on a dollar-for-dollar basis against Alabama income tax and may be carried forward for up to 10 additional tax years if unused.

• Department of Revenue is authorized to adopt rules for implementing and administering the tax credit program.