Clean Energy Lauds Passage of Alternative Fuel Tax Credit
“We are pleased that the Inflation Reduction Act of 2022 that was passed in the
The Act includes:
The renewal of the Alternative Fuels Tax Credit (AFTC) for three years beginning retroactively
January 1, 2022. The AFTC provides a $0.50per gallon fuel credit/payment for the use of RNG as a transportation fuel.
- An investment tax credit of up to 30% for qualified biogas projects, including RNG digesters at dairies and other agricultural facilities. This could positively impact Clean Energy's and other's current and future investments in these projects and should accelerate RNG production investment leading to a greater supply of this ultra-clean fuel for the transportation market.
- The Clean Fuels Production Credit creates a technology-neutral production tax credit available for the production of low-emissions transportation fuel. Such fuel would need to be approximately 40% cleaner than diesel to qualify for the tax credit, which most RNG derived from dairies and landfills should.
An extension of the Alternative Fuel Vehicle Refueling Property Credit which includes an increase of the 30% tax credit from
$30,000to $100,000for alternative vehicle refueling property.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including without limitation statements about the scope of the Inflation Reduction Act of 2022 and its impact on Clean Energy’s business and prospects. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the
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