Many taxpayers in the transportation and manufacturing industries have been patiently waiting, like a child for Christmas, for an extension of the Alternative Fuel Credit. The credit expired on December 31, 2017, and it appears now the extension will become law this week when the Senate passes and President Trump signs the Tax Certainty and Disaster Relief Act of 2019 approved by the House on December 17. The credit enables taxpayers who use propane or liquefied petroleum gas for business equipment like forklifts, or compressed natural gas in vehicles, to receive a 50-cent per gallon credit.
When signed, the new law will reinstate the Alternative Fuel Credit retroactively to January 1, 2018. According to the directive, the IRS will provide guidance within 30 days of the effective date for a one-time submission of claims covering the period January 1, 2018 through September 30, 2019. The guidance permits a 180-day period for submission of these claims.
Schneider Downs will monitor this situation and provide an update when the IRS releases its guidance. Contact us in the interim with any questions you may have about the Alternative Fuel Credit or any other tax planning inquiries.
You’ve heard our thoughts… We’d like to hear yours
The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].
Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.