Propane Fuel Tax Credit

Extract from the National Propane Gas Association website:

Tax Bill Enacted Containing Major Propane Provisions

On December 17, President Obama signed into law the Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010. This action culminates more than a year’s work on the part of NPGA lobbyists to extend some of the critical tax credits authorized by the federal government. The new law has many favorable tax provisions that apply to individuals and businesses. But most important from NPGA’s standpoint, the law contains many provisions that benefit specifically the propane industry.

Propane Fuel Tax Credit: The $0.50 per gallon fuel tax credit is extended through December 31, 2011 and made retroactive to 2010. For both years the fuel credit includes forklift fuel, despite efforts by the House Ways and Means Committee to eliminate this from the credit mechanism. Alternative fuel vehicle refueling property: The alternative fuel infrastructure tax credit has been extended through December 31, 2011. Per the law, the percentage of the credit for refueling property reverts back to the pre-stimulus levels of 30% with a $30,000 cap…

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