Bill > S1505

This bill aims to incentivize the purchase and use of alternative fuel vehicles by offering tax credits and exemptions. Specifically, it allows for a tax credit of fifty percent of the incremental cost for purchasing an alternative fuel vehicle or converting a petroleum-fueled vehicle to run on alternative fuels, and also fifty percent of the cost to build public fueling facilities for these vehicles. The bill defines "alternative fuel" broadly to include substances like methanol, ethanol, natural gas, hydrogen, and electricity, and "alternative fuel vehicle" as a vehicle that exclusively uses such fuels, meets emission standards, and is registered in the state. It also introduces provisions for distinctive license plates and emblems for "reduced emissions vehicles," which are defined as ultra-low or zero emissions vehicles. Furthermore, the bill exempts certain sales of alternative fuels and related equipment from excise taxes until the end of 2002, and removes regulation by the Department of Public Utilities for the sale of alternative fuels for motor vehicle use, while requiring regulated gas and electric companies to maintain separate records for these sales.