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U.S. Propane Tax Credit

Number of messages: 3

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joseph_h
Michigan, United States

U.S. employers using propane forklifts are eligible for a 50 cents per gallon tax credit through the IRS. For details Google: PROPANE EDUCATION RESEARCH COUNCIL TAX CREDIT AVAILABLE FOR FORKLIFT OPERATORS.

Modified 13 Jul 2007 09:01 PM
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EasyM
South Carolina, United States

Sounds simple doesn't it? Some forklift manufacturers are using this as a sales pitch. You would need to spend many hours investigating the reality of such a claim. Trust me, I have. The red tape is exhausting. Some of my customers have told me that they would have to hire people to be responsible for getting these credits. This program is only good through 2009 and if you did not register by July 2007, you're not eligible anyway.

Posted 14 Jul 2007 05:32 AM

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joseph_h
Michigan, United States

EasyM:

I downloaded IRS Form 637 - Application for Registration. Since most U.S. forum readers would fall under the category AL - Alternative Fueler, only the first page of the two page form would need to be completed with a few additional attachments. A breeze compared to most tax forms.

I also downloaded IRS Form 4136 - Credit for Federal Tax Paid on Fuels. Out of a four page form, most users would need to fill in their company name as it appears on their income tax forms, their taxpayer identification number, and complete a few items in section 15.

If your accountant can’t handle these forms, fire your accountant.

I visited other sites (non-propane vendors) regarding this tax credit. No where do I find any July 2007 registration cutoff date. I cannot find any mention of a registration cutoff date in the IRS forms and publications connected with the alternative tax credit.

The program for alternative fuel forklift users became effective October O1, 2006 and extends to September 30, 2009 and could be extended further.

Forum Readers:

Current U.S. propane users (and other alternative fuel users) should pass the information (found on the web site in the original post) on to their accountants to research and have them determine if there would be a tax savings (50 cents per gallon tax credit).

Some employers (#2 Type of Use) may also further benefit from the Non Taxable Use of Alternative Fuel (See section 14 of IRS Form 4136).

Modified 14 Jul 2007 11:57 PM
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