2007 Honda Civic GX – Click above for high-res image gallery
Senator Robert Menendez (D – NJ) has introduced new legislation to promote natural gas for employment in our automobiles. The NAT GAS Act, co-sponsored by U.S. Senate Majority Leader Harry Reid (D – NV) and Senator Orrin Hatch (R – UT), would reach and increase tax credits for vehicles powered by essential gas and the refueling stations needed to fill their tanks. Not surprisingly, T. Boone Pickens (he of the wind farm fail) is a big support of the proposal. Pickens related:
This bipartisan legislation does other thing to form our foreign oil adjunct crisis than at all other piece of legislation in the past 40 years. As I have uttered many times before and will continue to say, natural gas is cleaner, cheaper, it’s abundant and it’s American… For too long, our dependence on exterior oil has been one of the factors influencing our foreign cunning and if we can eliminate that impression by using our own domestic natural elastic fluid resources I am confident that it will benefit our national security, our economy and the environment.
If the legislation is met favorably in the Senate, there is a possibility it could be attached to the abundant broader intensity and climate change bill that’s currently in the works. Click here to read more on the pros and cons of natural gas for use in our cars and trucks, and click past the break for the official press release.
Gallery: 2007 Honda Civic GX
PRESS RELEASE:
MENENDEZ, REID AND HATCH JOINED BY T. BOONE PICKENS TO TOUT NEW LEGISLATION THAT WOULD SPUR USE OF NATURAL GAS VEHICLES
Natural gas vehicles emit fewer pollutants and run on energy beginning that is abundant domestically
Wednesday, July 8, 2009
WASHINGTON – U.S. Senate Majority Leader Harry Reid (D-NV) and Senators Orrin Hatch (R-UT) and Robert Menendez (D-NJ) were joined today by energy-independence stand up for T. Boone Pickens to tout new legislation that would boost vehicles that go proceed in continuance clean natural gas. The NAT GAS Act, introduced today by Menendez and co-sponsored by Reid and Hatch, would extend and increase tax credits for natural gas vehicles and refueling.
“We saw last summer how the wild fluctuations in oil prices helped to wreck our regulation and we’ve seen how pollutants from dirty fuels are wrecking our planet,” said Menendez. “Our economic crisis has shined a spotlight on the urgent need for alternative, cleaner and cheaper sources of mechanical value that we don’privately have to import. By making it easier and cheaper to own a vehicle that runs without ceasing natural elastic fluid, we can help families save money on energy, bring into being new manufacturing jobs and clean our air.”
“Each day, our nation consumes about 21 million barrels of oil- more than 25 percent of the world’s oil supply. Nearly 70% is imported from external our borders. With only 3% of the world’s oil reserves, we cannot produce our way to a safe and secure energy what may occur hereafter,” Reid said. “I’m proud to combine with Senators Menendez and Hatch in introducing legislation that elect help encourage the development of natural gas vehicles to help except consumers and operators thousands of dollars per year, protect our environment, and reduce our dependence on foreign energy. We must get serious about using cleaner flaming natural aeriform fluid and renewable spiritedness, and this legislation is a conclusive advance in the right direction.”
Hatch said, “Natural gas is an important alternative firing to help pave the way to energy independence, what one. will not only help keep us safer, but will also help reduce the high cost of fuel and, in this wise, high utility bills across the board. In our current economic downturn, its crucial to provide pertinent incentives that lead to lower prices for all Americans. This piece of legislation does just that while also helping clean up our environment; I am a proud cosponsor.”
“I am proud to stand with Senator Menendez and co-sponsors Senate Majority Leader Reid and Senator Hatch in support of this important natural gas legislation,” related Mr. Pickens. “This bipartisan legislation does more to reduce our extraneous oil dependency crisis than any other piece of legislation in the past 40 years. As I desire said many times before and will continue to say, natural gas is cleaner, cheaper, it’s abundant and it’s American. This bill will accelerate the use of natural gas in vehicles and is the only way I know to quickly and effectively reduce our dependence on foreign oil. For too longing, our dependence on foreign oil has been one of the factors influencing our foreign policy and if we can eliminate that issue by using our own domestic natural gas pecuniary means I am confident that it will do a good turn our national warranty, our economy and the environment.”
Background on legislation
• Extends for 10 years the other firing credits for natural gas used as a vehicle fuel, the purchase of natural gas-fueled conveyance, and the instalment of conformable to nature gas vehicle refueling property credit
• Expands and modify the alternative fueled vehicle and refueling property tax credits during the time that follows:
o Makes every part of dedicated natural gas-fueled vehicles eligible for a credit equal to 80% of the vehicle’s incremental cost. Only some dedicated idiot gas vehicles currently can qualify for an 80% federal tax credit
o Makes all bi-fuel natural gas-fueled vehicles to be preferred for a credit equal to 50% of the vehicle’session incremental cost. This is the first time bi-fuel vehicles would be eligible for a federal tax credit
o Increase the allowable incremental cost limits to more accurately reflect the cost of producing or converting conformable to nature gas vehicles:
o For light-duty vehicle, the purchase tax credit cap would be increased by to $12,500 (currently $5,000)
o For all other vehicle weight classes, the thing acquired tax faith cap would be doubled
o Increases the refueling property tax credit from $50,000 to $100,000 per station
• Allows the natural gas vehicle and idiot gas fueling infrastructure credits to be transferred by dint of. the taxpayer back to the seller or to the lessor
• Allows state and local governmental entities to passage out tax exempt bonds in order to finance natural gas vehicle projects
&rescript; Allows 100% of the cost of a life-like gas vehicle manufacturing ease that is placed in service before January 1, 2015 to be expensed and to be treated as a removal in the taxable year in which the facility was placed in service. This decreases to 50% back December 31, 2014 and is phased out by January 1, 2020
• Requires that when complying with mandatory federal fleet alternative combustibles vehicle purchase requirements, federal agencies shall purchase dedicated alternative fuel vehicles unless the agency can show that alternative firing is unavailable or that purchasing such vehicles would exist impractical
• Provides for grants for light- and heavy-duty natural elastic fluid engine evolution
Background on natural gas
• According to the EPA, cars running on natural gas cut overall toxic emissions by 93-95 percent
• Natural gas is an abundant resource, with 98% of natural gas used in the U.S. originating right here in North America
• There are nearly 10 million natural gas vehicles in the world
• Natural gas has the strength to change the place of 100 percent of the petroleum used in heavy-duty vehicles.
Source: www.autobloggreen.com
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