OUR THOUGHTS ON:

The Propane Tax Credit: Is Your Company Due a Refund?

Transportation & Logistics

By Jason Droske

In February 2011, an insight titled “Propane Tax Credit Extended Through 2011” detailed the extension of the popular 50-cents-per-gallon Alternative Fuels Tax Credit (commonly referred to as the “Propane Tax Credit”). This credit is generally available to warehousing and business operations with propane-powered motor vehicle equipment (forklifts and tow motors) and is scheduled to expire December 31, 2011.

If your business uses these types of propane-powered equipment, you need to take action because the clock is ticking. Even if you are already claiming the Alternative Fuels Tax Credit, there may be additional opportunities for refunds, particularly if the credit was claimed on Form 4136 as an income tax credit.

The time period for claiming the Alternative Fuels Tax Credit isn’t over just yet. Once a taxpayer registers as an “alternative fueler,” they may amend returns and apply for credits or refunds for all open prior tax years and future applicable tax years.

To determine if your business is eligible for the credit and a refund, or the possibility of an additional refund if your business has been claiming the propane credit, please contact your trusted Schneider Downs Tax Advisor.

© 2011 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person any tax-related matter.

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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 contactSD@schneiderdowns.com.

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.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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