U.S. Congress extends tax credit for alternative fuel vehicles
The Propane Education & Research Council (PERC) is encouraging Autogas fleet operators to take advantage of the Alternative Fuel Tax Credit, which was recently passed by the U.S. Congress as part of the Further Consolidated Appropriations Act, 2020.
Autogas fleet operators who apply for the tax credit will be able to claim a credit for every gasoline gallon equivalent of LPG purchased, or about 37 cents per gallon. The bill not only extends the credits through 31 December 2020, but fleet owners can also apply for credits retroactively for any fuel purchases made in 2018 and 2019. Companies have until 15 July to file.
“The extension of the Alternative Fuel Tax Credit is a win for fleet managers, allowing them to further take advantage of the financial benefits of Autogas in addition to the environmental benefits it provides fleets,” said Steve Whaley, director of Autogas business development at PERC. “Even without the Alternative Fuel Tax Credit, LPG already offers the lowest total cost of ownership of any vehicle fuel, so the tax credit is icing on the cake for Autogas fleet managers.”
The new law also retroactively extends the Alternative Fuel Vehicle Refuelling Property Credit, which allows operators to claim up to 30% or $30,000 of the cost of installing qualified alternative fuel vehicle refuelling property, including LPG refuelling equipment. For more information, visit this link.
13 May 2020