Propane Autogas Tax Credits extended for 2011
We are very optimistic that 2011 should be another year of growth of the Autogas Industry. Besides the significant advancements in Autogas Engine Systems and continued expansion of Autogas Fueling Infrastructure, the current tax credits will remain in place for 2011.
The 50-cent-per-gallon Alternative Fuel Credit and Alternative Fuel Vehicle Refueling Property Credit have been renewed for 2011.
As an approved alternative fuel, Autogas is also qualified for the 50-cent-per-gallon credit retroactively for Autogas fuel used since January 1, 2010.
So, what does this mean for Autogas suppliers and their fleet customers? As in years past, gallons of Autogas will qualify for a 50-cent rebate program enacted to encourage the use of alternative fuels. Additionally, the government is providing investment incentives for alternative fuel infrastructure in the form of a tax credit of 30% of the infrastructure development cost up to $30,000 (this applies to the Autogas industry).
Both of these credits will apply to new Autogas infrastructure building and fuel sales through end-of-year 2011.
The exact language of the tax bill relating to Autogas and alternative fueling can be found on the Autogas for America website here.
If you would like more detailed information about the available credits, or to apply for retroactive rebates, visit the IRS' website here for applicable forms and information.