United States: IRS directive helps cut taxes from Autogas fleets
The Internal Revenue Service (IRS) has released guidance on how to claim the federal alternative fuel tax credit, which was retroactively extended on December 18, 2015, by Congress as part of the Protecting Americans from Tax Hikes (PATH) Act of 2015.
The credit allows companies operating propane Autogas vehicles and propane forklifts to claim 50 cents for every gallon of the alternative fuel they used in 2015.
IRS now defines forklifts as an “off-highway business motor vehicle,” making them eligible for the alternative motor fuel tax credit in addition to on-road vehicles. The end-user of the Autogas fuel is the entity that should receive the tax credit.
“For fleet managers, propane autogas vehicles offer the lowest total cost of ownership and one way to maximize the financial benefit of propane autogas is by taking advantage of this alternative fuel tax credit from the federal government,” said Roy Willis, president and CEO of the Propane Education & Research Council.
The claim for 2015 must be filed by August 8, 2016.