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FYI

Tax Time Reminders – Credits for Propane Forklift Users

With Tax Day just around the corner, that is to say April 15 when personal income tax returns are due to the IRS, it seems timely to remind everyone about some of the tax credit and incentives for forklift operators.  In December 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853) was signed into law.  Included within this bill was a retroactive extension of the Alternative Fuel Tax Credit.

The Alternative Fuel Tax Credit is a federal tax credit available to propane forklift users and some others that use propane as an engine fuel.  The credit provides $0.50 for every gallon of propane used to fuel forklifts.  Although the credit had previously expired at the end of 2009, it was made retroactive to cover all of 2010.  This means that forklift operators can claim the credit for fuel used last year. However, to receive the retroactive credit, you must register with the IRS as an “alternative fueler” and file your claim no later than August 1, 2011.

And finally, since the credit has been extended through the end of 2011, make sure to keep track of invoices and bills that note the amount of propane fuel used.  Be sure to review all relevant IRS forms including Form 4136 for specific information at http://www.irs.gov/formspubs/index.html.

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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94 Comments

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    Thanks for the information! Any idea if this credit will continue in 2012?

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    This is a great post. Nice one. I will be back to look for any updates, Thanks for sharing.

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    Please keep us updated.

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