Two tax credits that affect fleets using alternative fuels have been extended. The Alternative Fuel Excise Credit and Alternative Fuel Infrastructure Tax Credit are now retroactively extended through the end of 2017 — a year past the original expiration of December 21, 2016.
What does this mean for green fleet owners? Consider these credit examples:
- For any fleet that purchased propane autogas in 2017, a tax credit of 36 cents per gallon is available.
- A credit of $4,000 to $40,000 is available on the purchase of new qualified fuel cell motor vehicles in 2017. (The amount varies depending on vehicle weight.)
- For fleets that installed non-hydrogen alt-fuel refueling infrastructure in 2017, the fueling equipment is eligible for a tax credit of 30 percent of the cost (not to exceed $30,000).
How do you file for credits? The Alternative Fuels Data Center says the Treasury Department will provide more details on the process on March 11. Claims may be submitted after Treasury issues guidance. Claims will be paid within 60 days after receipt.
While this legislation is a boon for alternative fuel users, we must take steps to keep these incentives in place for the long run. Contact your elected officials with your support for alternative fuel credits.
Click Here for More Information – http://tncleanfuels.org/2018/02/20/two-tax-breaks-alternative-fuel-usage-extended-2017/