Today, Congress released text of the Bipartisan Budget Act (BBA) of 2018. The bill sets a topline budget cap, which allows the Appropriations Committees to then complete writing their full appropriations bills for fiscal year (FY) 2018. Once those bills are completed and passed, Congress will have finally fully provided FY 2018 funding for the government, and can then move on to FY 2019. In order to give Congress time to consider and pass the appropriations bills, the BBA contains another continuing resolution (CR) until March 23.
This bill also includes an extension of a number of expired tax credits APGA has been advocating for. On the positive side, the bill includes a five-year extension (phaseout) of the Section 48C investment tax credit for natural gas technologies such as combined heat and power (CHP) and fuel cells. Notably, Section 48C was the only part of Section 48 to receive a five-year phaseout, which is a major victory for natural gas technologies and will be a significant benefit to the industry should this bill be signed into law. These investment tax credits will expire in 2022.
Unfortunately, we were unable to secure a long-term extension for our natural gas vehicle (NGV) credits, the alternative fuel tax credit (AFTC, Section 6426 credits) and the alternative fuel vehicle refueling property credit. APGA fought hard to secure at least a two-year extension (one year retroactive, one year forward) as was introduced in Senator Hatch’s (R-Utah) S.2256 late in 2017, but the language of the BBA’18 only contains a one year retroactive credit. APGA will continue advocating for a longer extension of these credits.
While we are disappointed in the shortness of the NGV credits, overall this is a positive step forward given the length of the CHP credits.
For questions on this article, please contact Doug MacGillivray of APGA staff by phone at 202-464-2742 or by email at firstname.lastname@example.org