Promoted by the Pickens Plan, HR 1835 now has 75 co-sponsors in the house (mostly democratic, but none of whom are from Nevada). This energy bill would amend the Internal Revenue Code to:
- Allow an excise tax credit through 2027 for alternative fuels and fuel mixtures involving compressed or liquefied natural gas;
- Allow an income tax credit through 2027 for alternative fuel motor vehicles powered by compressed or liquefied natural gas;
- Modify the tax credit percentage for alternative fuel vehicles fueled by natural gas or liquefied natural gas;
- Allow a new tax credit for the production of vehicles fueled by natural gas or liquefied natural gas; and
- Extend through 2027 the tax credit for alternative fuel vehicle refueling property expenditures for refueling property relating to compressed or liquefied natural gas and allow an increased credit for such property.
Additionally, it requires 50% of all new vehicles purchased or placed in service by the U.S. government by December 31, 2014, to be capable of operating on compressed or liquefied natural gas. Plus, it authorizes the Secretary of Energy to make grants to manufacturers of light and heavy duty natural gas vehicles for the development of engines that reduce emissions, improve performance and efficiency, and lower cost.