Bill > SB347

This bill establishes tax credits and deductions for natural gas motor vehicles and their equipment to promote environmental benefits, reduce reliance on foreign oil, and boost the state's economy by encouraging the use of natural gas. Specifically, it allows for deductions on the sale and installation of qualified natural gas motor vehicle equipment from gross receipts and compensating taxes between January 1, 2016, and December 31, 2022, provided the equipment is installed by a certified and licensed technician. Additionally, it creates an income tax credit for individuals and a corporate income tax credit for businesses that purchase, lease, or sell natural gas vehicles or their equipment, with varying credit amounts based on vehicle weight and equipment cost, and subject to annual aggregate limits. The bill also amends existing tax laws to include exemptions for certain natural gas vehicles and defines terms like "emissions benefits" and "natural gas fuel" to clarify eligibility. The Energy, Minerals and Natural Resources Department will issue certificates of eligibility for these credits, and the Taxation and Revenue Department will report annually on the effectiveness and cost of these incentives.