Alternative Fuel Tax Credit for Businesses Using Propane-powered Forklifts
Congress recently enacted legislation allowing a 50¢ per gallon tax credit for companies using propane in forklifts. Even though forklifts are normally exempt at the time of purchase from the federal excise tax on propane, they are still eligible to claim the 50¢ per gallon credit for business use.
The forklift user must first register with the IRS by filing Form 637 with the IRS to register as an "Alternative Fueler." The IRS may perform an onsite inspection of taxpayers who file the Form 637 to make sure they qualify for the credit. Once the registration is approved, the business can file the claim for the credit with its annual federal income tax return.
Testing how this comment thing works out. GOod post!
Posted by: Andrew Testing | February 24, 2008 at 08:41 PM
Testing how this comment thing works out. GOod post!
Posted by: Andrew Testing | February 24, 2008 at 08:41 PM