Oklahoma Gov. Kevin Stitt has signed a bill into law extending tax credits for CNG vehicles.
House Bill 2095, authored by Reps. Terry O’Donnell, Mark McBride and Scott Fetgatter along with Sen. Stephanie Bice extends the credit to be used by those who convert diesel or gas-powered vehicles to Compress Natural Gas, Liquefied Natural Gas or Liquefied Petroleum Gas or those those who purchase vehicles operating on alternative fuels.
The tax credits will be extended from Jan. 1, 2020 to Dec. 31, 2027. It also caps the maximum annual affect on Oklahoma’s budget at $20 million.
The new law also changes the amount of tax credits for those receiving them. Those who either purchased a CNG vehicle or converted to CNG could get a credit up to 45 percent of the cost.
But HB 2095 will put a $5,500 cap in credits on smaller vehicles up to $50,000 for those vehicles weighing more than 26,501 pounds.