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Article Author:

Using Propane Forklifts? Get a Tax Credit

A 50¢ per gallon refundable income tax credit can be claimed for alternative fuel, including propane sold for use or used as fuel in a motor vehicle, including forklifts.

What must you do to claim this credit?

• Register as an alternative fueler with the IRS;
• Use the alternative fuel in your trade or business; and
• File a timely claim for the credit on Form 4136, Credit for Federal Tax Paid on Fuels.

Who can claim the credit?

The credit can be claimed on corporate, partnership and individual tax returns. The credit claimed by a partnership will be included in a statement on Form K-1 and flow out to the partners. Any credit received must be picked up in income if the total cost of the fuel, including the excise tax, was claimed as a deduction.

For more information, contact Cara Hoffman at 312-980-3274 or your Blackman Kallick representative.

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.