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Forklift Tips Take Advantage of Tax Credits

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Propane-Powered Forklift Tips

Tip 3: Apply for a Propane Tax Credit

If you own or operate propane-powered forklifts, you may be eligible to receive the Alternative Fuel Tax Credit in the amount of $0.37 per gallon of propane! The Alternative Fuel Tax Credit program is available through December 2016.

Who is eligible?
For an entity to be eligible for the credit, they must be liable for reporting and paying the federal excise tax on the sale or use of alternative fuel in a motor vehicle.
How do I claim the credit?
FIRST, The incentive must first be taken as a credit against the entity’s alternative fuel tax liability; any excess over this fuel tax liability may be claimed as a direct payment from the IRS.
THEN, Visit www.IRS.gov; IRS Publication 510, IRS Forms 637, 720, 4136, and 8849, and IRS Notice 2015-56 (August 2015), which are available on the Forms & Publications section of the IRS website.

What other factors should I consider?
To ensure you receive your FULL fuel credit, your company should oversee the processing of the tax credit. Be wary of a third party that offers to “handle” the application process–you might not receive the full credit you are eligible to receive.

Need more tips to help keep propane-powered forklift costs low? Check out Forklift Tip 1 and Forklift Tip 2 to start saving!

Download the Forklift Fuel Tax Credit brochure to learn more about obtaining your fuel tax credit.