Oklahoma City, Oklahoma 73105
For Immediate Release: February 19, 2014
Sen. Rob Standridge
Senate committee moves to make CNG fuel
The Senate Finance Committee on Tuesday approved legislation
that would modify the existing income tax credit for investments
in clean burning fuel property, including compressed natural gas,
to encourage public access to CNG fuel.
Under current law, the credit may be claimed for fueling equipment
used exclusively for a private fleet. Senate Bill 1711 would allow
the credit to be claimed only if the fuel is also made available
for sale to the public.
Standridge, author of the measure, said the tax credit should
serve the purpose of making CNG more accessible.
“Oklahoma is a national leader in the production of compressed
natural gas and expanding its use can only be good for the state,”
said Standridge, R-Norman. “The use of CNG vehicles not only
saves on fuel costs, but supports the state’s energy industry.
Modifying the credit will allow us to broaden public access to one
of our most abundant natural resources.”
Under the tax credit, certain property directly related to the delivery
of the fuel may qualify for a credit of up to 75 percent of the
“Oklahoma’s energy companies have opened up new possibilities
for the extraction of affordable natural gas,” Standridge
said. “Expanding the use of CNG by the public will only strengthen
our state’s position as a leader in natural gas production.”
For more information, contact:
Sen. Standridge: (405) 521-5535