New Alternative Transportation to Give Americans Solutions Act of 2011
Definition of 'New Alternative Transportation to Give Americans Solutions Act of 2011'
A bipartisan proposal introduced in April, 2011 that amends the Internal Revenue Code of 1986 to encourage more domestic production, alternative energy investments and corresponding job creation. The New Alternative Transportation to Give Americans Solutions Act (NATGAS) of 2011 would:
• Create an excise tax credit through 2016 for alternative fuels involving compressed or liquefied natural gas
• Create an income tax credit through 2016 for vehicles powered by compressed or liquefied natural gas
• Change the tax credit percentage for vehicles fueled by natural gas or liquefied natural gas
• Allow a new tax credit for the production of certain vehicles
• Extend tax credits through 2016 for property used in refueling vehicles fueled by compressed or liquefied natural gas
Investopedia explains 'New Alternative Transportation to Give Americans Solutions Act of 2011'
NATGAS of 2011 provides tax credits to encourage investments in compressed, natural and liquefied natural gas. The Act requires the Secretary of Energy to provide funding to support alternative energy. In addition, the Act authorizes the Secretary to make grants to manufacturers of light and heavy duty natural gas vehicles to develop reduced-emission engines, improve performance and efficiency and lower costs.