Fleets can take advantage of the credits starting in 2022
The Propane Education & Research Council (PERC) is encouraging warehouse operations managers to take advantage of the Alternative Fuel Tax Credit, which was passed as part of the Inflation Reduction Act of 2022 (IRA) by the U.S. Congress on August 16, 2022.
The bill extended the Alternative Fuel Tax Credit through 2024, which gives a 37-cent credit for each gasoline gallon equivalent of propane purchased in the transportation sector. This includes off-road vehicles like forklifts. 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.
“Consumers and business alike rely on material handling operations to keep product moving,” Joe Calhoun, director of off-road business development at PERC said. “By extending tax credits, facilities that are using propane equipment can reap the financial benefits while staying productive and continuing to operate with a clean energy source.”
Qualifying fleets should consult their tax advisers regarding any claims for credits or refunds.
