WASHINGTON, DC – The Propane Instruction & Exploration Council is encouraging propane autogas fleet operators to get advantage of the Different Fuel Tax Credit score, which was recently passed by the US Congress as portion of the Inflation Reduction Act, 2022.
Propane autogas fleet operators who implement for the tax credit score will be equipped to declare a credit history for every single gasoline gallon equal of propane autogas ordered, or about 37 cents for each gallon. The monthly bill not only extends the credits by Dec. 31, 2024, but fleet homeowners can also implement for credits retroactively for any gasoline buys created in 2022. Tax exempt entities that use propane autogas from an on-internet site fueling station for a motor vehicle fleet also qualify for the incentive.
“Thousands of fleets throughout the country count on propane autogas each day for environmental sustainability, and these credits provide an additional prospect for fleets to make sure they’re also acknowledging economic sustainability,” mentioned Steve Whaley, director of autogas small business progress at PERC. “Even without the need of the credits, propane autogas offers the most affordable complete cost-of-possession. As an ample and out there vitality source, propane autogas can make a variance in communities all over the country these days.”
The new regulation also extends the Alternative Gasoline Car Refueling Home Credit history, which will allow operators to assert up to six percent or $100,000 of the cost of installing experienced alternative gas car refueling house, which includes propane autogas refueling equipment.
All fleets need to seek the advice of their tax advisers pertaining to any promises for credits or refunds.
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