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5 Things You Need to Know About the American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 was passed by Congress on January 2, 2013. What’s the bottom line for businesses who use propane? If you use propane for fleets, vehicles, forklifts or homes, you may be eligible for alternative fuel tax credits.

Every department has been faced with budget slashing – so here’s one way the government can help you make the leap to converting your fleet to autogas. Is propane infrastructure part of your 2013 plans? You may be eligible to recoup significant costs! Do you use propane forklifts? You could get $0.50 per gallon back! Obviously, this can be beneficial for many commercial propane applications, as well as for specific residential efficiency updates. Here are the five things you need to know about the American Taxpayer Relief Act of 2012 :

1. Propane qualifies! The IRS recognizes liquefied petroleum gas (LPG), or propane, as an alternative fuel.

2. It’s retroactive for 2012! The Alternative Fuel Tax Credit and Alternative Fuel Infrastructure Tax Credit are retroactive for alternative fuels purchased after December 31, 2011. All the same rules apply to these credits as in the past. The only thing that has changed are the expiration dates. 

3.  Propane infrastructure gets a 30% credit! Under the Alternative Fuel Infrastructure Tax Credit, you may be eligible to claim 30% of alternative fuel infrastructure, up to $30,000.

4.$0.50 per gallon credit for propane! The Alternative Fuel Tax Credit offers a credit of $0.50 per gallon including propane used in forklifts.  The credit is effective through December 31, 2013.

5. Efficiencies for homes are included too! There are two credits you need to know about for your home:

  • Energy Efficient Existing Homes Tax Credit: Qualified propane furnace installations may receive a credit of $150. Qualified propane water heaters get a $300 credit
  • Energy Efficient New Homes Tax Credit: An eligible contractor who constructs a qualified energy efficient new home may be eligible for tax credits of up to $2,000

We have to remind you that this discussion is for information purposes only.  As such, the discussion is not intended, and cannot be relied upon, as tax advice.  We urge all businesses and consumers to consult their own tax advisers regarding claims or refunds.

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