WASHINGTON, DC – The Propane Training & Analysis Council is encouraging propane autogas fleet operators to benefit from the Various Gasoline Tax Credit score, which was just lately handed by the US Congress as a part of the Inflation Discount Act, 2022.
Propane autogas fleet operators who apply for the tax credit score will have the ability to declare a credit score for each gasoline gallon equal of propane autogas bought, or about 37 cents per gallon. The invoice not solely extends the credit via Dec. 31, 2024, however fleet house owners can even apply for credit retroactively for any gasoline purchases made in 2022. Tax exempt entities that use propane autogas from an on-site fueling station for a automobile fleet additionally qualify for the inducement.
“Hundreds of fleets throughout the nation depend on propane autogas on daily basis for environmental sustainability, and these credit present one other alternative for fleets to make sure they’re additionally realizing monetary sustainability,” stated Steve Whaley, director of autogas enterprise improvement at PERC. “Even with out the credit, propane autogas gives the bottom whole cost-of-ownership. As an ample and out there power supply, propane autogas could make a distinction in communities across the nation at this time.”
The brand new legislation additionally extends the Various Gasoline Car Refueling Property Credit score, which permits operators to assert as much as six p.c or $100,000 of the price of putting in certified different gasoline automobile refueling property, together with propane autogas refueling tools.
All fleets ought to seek the advice of their tax advisers relating to any claims for credit or refunds.
For extra details about propane autogas autos, go to Propane.com.