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.
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