NGL & LPG Storage Infrastructure News

Propane Autogas Tax Credit 2013- Fiscal Cliff deal included Alt Fuel incentives

Posted by Greg Ezzell on Wed, Jan 02, 2013 @ 04:02 PM

Propane  AutogasBenefits from "Fiscal Cliff" Deal

Capitol

After a protracted post-Christmas negotiation between the President and Congress, an agreement has been reached on important tax related issues affecting all Americans. 

On January 1, 2013 Congress completed action on legislation to avoid the consequences of sending the country over the so-called fiscal cliff. Unfortunately, some other critical decisions affecting the U.S economy have been put off for consideration during the next session of Congress, due to begin tomorrow. 

The legislation, which is expected to be signed by the President, contains several provisions that will affect the propane industry.  First, there were some propane specific energy tax credits that had expired and have been extended through 2013. In addition these provisions were also made retroactive for taxable year 2012. These credits are:

  • Alternative Fuel Tax Credit (50 cents per gallon including propane used in forklifts)

  • Alternative Fuel Infrastructure Tax Credit (30% up to a maximum of $30,000)

     

    www.transtechenergy.com/autogas

Tags: Propane Autogas Tax Credit 2013, alternative fuel tax credit

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