Tax Credit for CNG Vehicle Conversions Clears House, Heads to Governor
The state House on Monday passed a bill extending a $2 million tax credit for converting cars and pickups to cleaner fuels, like hydrogen and compressed natural gas.
The measure was carried by Rep. Skye McNiel, R-Bristow, and now awaits Gov. Mary Fallin’s approval, the Associated Press reports:
Hydraulic fracturing, or fracking, and other technologies have unlocked huge, previously inaccessible deposits of natural gas across the country, pushing national production up 20 percent and roughly doubling monthly exports since 2008, according to the U.S. Energy Information Administration. Oklahoma has the nation’s 4th highest natural gas production, though production has tapered off since 2009.
Oklahoma companies specializing in natural gas conversions have been enjoying brisk business, the news service reports. Two OKC lawmakers — Democrat Rep. Richard Morrisette, and Republican Rep. Mike Reynolds — “questioned whether Oklahoma taxpayers should be footing part of the bill for conversions.”
“I am personally tired of hearing the whining about we don’t have any money and then members of this body give it away,” Reynolds said. “Members, go ahead and vote for your tax credit. Make some other constituency wealthy to the detriment of your taxpayers.”