Jan 7

Federal Motor Fuel Tax Credits

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Federal Motor Fuel Tax Credits

H.R. 8, the tax bill enacted by the 112th Congress on January 1, extends the federal $0.50/gallon alternative motor fuel tax credit and the 30 percent alternative refueling property tax credit through December 31, 2013.  Both credits were made retroactive for taxable year 2012.  The fuel credit amounts to 50 cents per gallon of propane or gasoline gallon equivalent of natural gas, and includes fuel used in forklifts. The refueling infrastructure credit is for 30 percent of the cost of fueling equipment, up to $30,000, for both natural gas and propane stations.