Fuel Tax Credit Extended for Propane Autogas Vehicles
The Propane Education & Research Council’s Alternative Fuel Tax Credit was recently passed by the U.S. Congress as part of the Inflation Reduction Act, 2022. PERC said it encourages fleet operators to take advantage of the tax credit.
Propane autogas fleet operators who apply for the tax credit will be able to claim a credit for every gasoline gallon equivalent of propane autogas purchased, or about 37 cents per gallon, according to PERC. The bill not only extends the credits through Dec. 31, 2024, but fleet owners can also apply for credits retroactively for any fuel purchases made in 2022. Tax-exempt entities that use propane autogas from an on-site fueling station for a vehicle fleet also qualify for the incentive.
Thousands of fleets across the country rely on propane autogas every day for environmental sustainability, and these credits provide another opportunity for fleets to ensure they’re also realizing financial sustainability.
The new law also retroactively extends the Alternative Fuel Vehicle Refueling Property Credit, which allows operators to claim up to 30% or $30,000 of the cost of installing qualified alternative fuel vehicle refueling property, including propane autogas refueling equipment.
Tax refunds can reduce fuel costs
Tax refunds can reduce fuel costs, but still, many companies lose a lot of money each year by not accurately filing for fuel tax refunds. You can surely save your company a great deal with Link2Pump managing process.
Fleet managers often fail to accurately file for all the on-road taxes for the diesel fuel that is used to power tax-exempt processes of non-road everyday equipment, including concrete mixers, dump trucks and other construction site machinery.
Link2Pump can easily track and reconcile all information required for filing fuel tax refund claims with a one-click report. It is easy to save money with our service. The best part is that facilitating the tax refunds process is one of the many features of our equipment, and you don’t have to pay anything extra for it.
If you want to learn more about our solution and are looking for alternatives to improve bottom line and productivity, please, get in touch.