WASHINGTON, D.C.- Trucking companies in the U.S. could get hundreds of millions of dollars in tax breaks in 2015 for everything from buying new trucks to using alternative fuels such as natural gas.
The U.S. House voted 378-46 in favor of a bill that would restore more than 50 temporary tax breaks that expired in Dec. 2013. The temporary tax breaks would only apply for one year.
The U.S. Senate has yet to vote on the bill, but if passed, one tax break would go to carriers who bought new trucks this year.
The renewal would be retroactive to Jan. 1, 2014, meaning that carriers could claim tax breaks for 2014.
That means that carriers could write off depreciation of new equipment investments in the purchase year.
Good News for Natural Gas
The bill would also restore the 50 cents-per-gallon tax credit until the end of 2015. The tax credit is for those who fill their trucks with natural gas, whether they are fuel suppliers or carriers with their own natural-gas fueling facilities.
And builders of alternative fuel stations could get back the $30,000 tax credit.
Biodiesel producers could get a $1-per-gallon tax credit to help them underwrite production costs, which are higher than those for diesel.
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