For Immediate Release
January 14, 2013

Federal – President Signs Extension of Energy Tax Incentives

Federal – President Signs Extension of Energy Tax Incentives

Federal – President Signs Extension of Energy Tax Incentives

American Tax Payer Relief Act of 2013 extends the Alternative Fuel Credit

The American Tax Payer Relief Act of 2013 provided a two year temporary extension of various energy tax incentives, including the Alternative Fuels Credit. The credit applies to alternative fuels used by a taxpayer in, or sold by a taxpayer for use in, various off-road vehicles. The most common use in the manufacturing sector is for the powering of forklifts.

The term “alternative fuel” includes:

  • Liquefied petroleum gas, commonly known as propane
  • P Series fuels
  • Compressed or liquefied natural gas
  • Liquefied hydrogen
  • Any liquid fuel derived from coal through the Fischer-Tropsch process according to certain carbon capture requirements
  • Compressed or liquefied gas derived from biomass
  • Liquid fuel derived from biomass

The credit had expired on December 31, 2011. The signed legislation makes the renewed credit retroactive to January 1, 2012 and sets the new expiration date at December 31, 2013.

If you would like additional information on this topic or have any questions, please contact the taxdesk@thesaltgroup.com

 

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