Update on the Alternative Fuel Tax Credit
At the beginning of April, the Internal Revenue Service (IRS) clarified and extended the deadline for the alternative fuel tax credit to July 1. At issue was that the due date for filing claims for payments related toalternative fuel (which includes propane) had already passed by the date that tax credits were extended by Congress. The tax credits were retroactively extended from December 31, 2011 with the American Taxpayer Relief Act (also known as the “fiscal cliff” legislation) on January 2, 2013.
The $0.50 per gallon tax credit for propane and other alternative fuels are still set to expire at the end of this year on December 31, 2013. This notice from the IRS just extends the time to claim retroactive credits until July 1.