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IN HB1054
Bill
Status
1/4/2017
Primary Sponsor
Randall Frye
Click for details
AI Summary
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Exempts natural gas used to operate compressors that produce compressed natural gas products from state gross retail sales tax if the natural gas amount is separately metered (effective July 1, 2017).
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Removes the sales tax exemption for natural gas products used to fuel motor vehicles providing public transportation for taxable years 2014-2016, with an exception for public transportation corporations (effective January 1, 2017 retroactively).
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Extends the income tax credit for qualified natural gas-powered vehicles beyond the December 31, 2016 cutoff date until total credits claimed equal the sales tax revenue collected on public transportation natural gas fuel transactions during 2014-2016 (effective January 1, 2017 retroactively).
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Caps annual income tax credits at the lesser of $3,000,000 or the estimated revenue from the 2014-2016 natural gas sales tax transactions, with a total lifetime cap equal to the revenue from those same transactions (effective January 1, 2017 retroactively).
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Declares an emergency for the act.
Legislative Description
Taxation of natural gas. Provides a sales and use tax exemption for natural gas used to operate compressors to produce a compressed natural gas product. Provides that the income tax credit for the purchase of natural gas powered vehicles is extended until the credits claimed reach the amount of the sales tax revenue that was collected on transactions during 2014 through 2016 involving natural gas used to fuel a motor vehicle that provides public transportation for persons or property.
Last Action
First reading: referred to Committee on Ways and Means
1/4/2017