Deal: Tax credit benefits Business, Environment
Gov. Nathan Deal today signed into law HB 348, legislation that creates a new tax credit for Georgians who choose to purchase and operate alternative fuel trucks or buses.
“The vitality of Georgia’s transportation system is essential to our economy, our environment and the consistent flow of goods, services and people throughout the state,” Deal said. “Alternative fuel vehicles, especially trucks, help companies cleanly and efficiently transport their products, increasing our prominence around the world as a go-to location for business.”
The vehicle must be classified as heavy-duty or medium-duty and operate on electricity, liquid petroleum gas, natural gas or hydrogen fuel. The vehicle must also accumulate at least 75 percent of its mileage in Georgia each year and must be registered in Georgia for no less than five years. A Georgia taxpayer can claim the credit for the purchase of a qualified vehicle on or after July 1, 2015, and before June 30, 2017.
“We are very pleased that Governor Deal signed HB 348, the tax credit for alternative fuel commercial vehicles,” said Hala Moddelmog, president and CEO of the Metro Atlanta Chamber. “This legislation underscores the importance of sustainability for our region and for the entire state. The tax credits will help improve our air quality, drive innovation and support the development of natural gas-based vehicles.”
The tax credits are limited to $2.5 million in each fiscal year beginning with FY 2016 and ending with FY 2017, and will be administered through an application process with the Department of Revenue.