Announcement

Collapse
No announcement yet.

So how do I get the 50 cent/gallon tax credit?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • cavalierguy
    started a topic So how do I get the 50 cent/gallon tax credit?

    So how do I get the 50 cent/gallon tax credit?

    It looks like I should be registered as an alternative fuel user, which I haven't because nobody in our ginormous guvmint system knows what I'm talking about so they pass me to someone's voicemail that never calls back. I do have the excise tax form and found where I can enter gge's. There's also a 18 cent deduction, I think, leaving me 32 cents. The problem is, it's a quarterly form and I'm trying to file a years worth on it and....I'm pooched on the registration, don't know how to get it.

  • John Mitton
    replied
    Re: So how do I get the 50 cent/gallon tax credit?

    The 50 cent per gasoline gallon equivalent (GGE) tax credit expired Dec 31, 2014. There can be no assurance Congress will again extend it, has it has since the original credit expired on Dec 31, 2010. To obtain the credit you have to register as a commercial fuel provider with the IRS, remit 18.3 cents per GGE in fuel excise taxes, remit the applicable __ cents per GGE to your state government for excise fuel taxes, and then (if it comes back again) apply for the 50 cent excise fuel tax credit.

    For a list of all the alternative fuel incentives, please visit this DOE web site:
    http://www.afdc.energy.gov/

    (click on "laws and incentives")

    Leave a comment:


  • wasatchm
    replied
    Re: So how do I get the 50 cent/gallon tax credit?

    is this tax credit (50 cent per gallon) still expired or was it renewed? if it has been renewed, is it available for me if I purchased a used civic gx. I was looking at a used civic gx online and the dealer mentioned that I can get a 50 cent per gallon federal tax credit if I purchase it. are there other federal tax credits available if I purchase a used civic gx? and if this tax credit (50 cent per gallon) is still available, how do I use it? I am self employed (file taxes as a sole proprietor) and the vehicle would be used strictly for my business. I had no plans on purchasing a home refueling unit (unless that was required to get the 50 cent a gallon tax credit).

    all comments are much appreciated.

    Leave a comment:


  • imabass
    replied
    Re: So how do I get the 50 cent/gallon tax credit?

    Originally posted by fixitguy View Post
    So I just got my fuelmaker used. [3000] PSI. Yesterday I picked up a CNG biuel 2003 chev express van with 140. Got 17 mpg on the highway!! Im a HVAC contractor so will figure I will save easily 250-300 month!! my regular truck is 100 bucks a week habit. Seems lots of paperwork to get any rebate. Ill get mine
    in DOLLARS saved...I have an aux meter to measure my transportation gas before it goes into the compressor.
    That tax credit expired on 12/31/2013. This is a moot point now, with the exception that the credit may be reinstated in the future and made retroactive (doubtful but possible).

    Leave a comment:


  • fixitguy
    replied
    Re: So how do I get the 50 cent/gallon tax credit?

    So I just got my fuelmaker used. [3000] PSI. Yesterday I picked up a CNG biuel 2003 chev express van with 140. Got 17 mpg on the highway!! Im a HVAC contractor so will figure I will save easily 250-300 month!! my regular truck is 100 bucks a week habit. Seems lots of paperwork to get any rebate. Ill get mine
    in DOLLARS saved...I have an aux meter to measure my transportation gas before it goes into the compressor.

    Leave a comment:


  • CNGCHUCK
    replied
    Re: So how do I get the 50 cent/gallon tax credit?

    lot of info. !! so some one who works at Q-mart and has a fuelmaker and now and then gets cng from a statoin can not get the credit ? do i have it right ??? sound like a big mess to get it !!! thank you chuck

    Leave a comment:


  • imabass
    replied
    Re: So how do I get the 50 cent/gallon tax credit?

    Well it is a moot point as of now since the credit is expired... I discussed this issue with the IRS this past summer. I run LPG that this credit also applies to...

    In summary... You can take the credit if you apply for a alternative fueler (AF) (i.e. commercial business). The home fueling station would only apply for fuel used for business use but you would have to have a separate gas meter to determine how much fuel is used for heating vs transportation. So the fueling station could simply claim the credit and reduce your price at the pump. This is what I did with LPG. I did not qualify for AF since it was for personal use. The LPG company filed the credit and passed the savings on to me.

    Here is my detailed writeup.

    I discussed the alternative fuels with Ron Sass at (919) 850-1136. You will find his discussion on IRS Notice 2013-26 (http://www.irs.gov/irb/2013-18_IRB/ar08.html)

    In order to file for the $0.50/ LPG Gallon alternative fuel tax credit as discussed in IRS publication 510 (http://www.irs.gov/pub/irs-pdf/p510.pdfhttp://www.irs.gov/pub/irs-pdf/f637.pdfhttp://www.irs.gov/Businesses/Small-...Need-an-EIN%3Fhttp://www.irs.gov/pub/irs-pdf/f720.pdf) is the form that a user of alternative fuels pays their $0.183/ LPG gallon of LPG used as transportation fuel. The part one is where the taxes are claimed of the $0.183/ gallon and part 4, schedule C is where the $0.50 / gallon credit is claimed. The instructions to form 720 (http://www.irs.gov/pub/irs-pdf/i720.pdf) states:
    Claimant.
    For the alternative fuel credit, the registered alternative fueler who (1) sold an alternative fuel at retail and delivered it into the fuel supply tank of a motor vehicle or motorboat, (2) sold an alternative fuel, delivered it in bulk for taxable use in a motor vehicle or motorboat, and received the required statement from the buyer, (3) used an alternative fuel (not sold at retail or in bulk as previously described) in a motor vehicle or motorboat, or (4) sold an alternative fuel for use as a fuel in aviation is the only person eligible to make this claim.

    Therefore only the registered alternative fueler can claim the $0.50/LPG gallon credit. This registered fueler would be the propane company for any individual user like myself. For other small business and farm customers of the propane company, the customer can file as a alternative fueler for the fuels either sold or consumed in the business. A individual like myself cannot claim the credit.

    Leave a comment:


  • cavalierguy
    replied
    Re: So how do I get the 50 cent/gallon tax credit?

    Thanks guys. I don't think it's worth it for me.

    Leave a comment:


  • Trash96
    replied
    Re: So how do I get the 50 cent/gallon tax credit?

    Need to apply for alternative fuel tax number IRS form 637 takes about 3 months you will probably get interview and site visit from IRS auditor, you should also check with your state about state fuel taxes since they usually work together and one requires the other.
    If you are just home fueling your own car it might not be worth the effort (you might be opening a can of worms that you won't be able to close again)

    Leave a comment:


  • Lakewood90712
    replied
    Re: So how do I get the 50 cent/gallon tax credit?

    32 cents per gge is a lot to leave on the table if you use a lot of fuel. The other edge of the blade is: when the 50 cent credit goes away , the feds will be wanting the 18 cent federal fuel tax reported and paid. The good thing about Idaho , no state fuel tax on CNG at this time http://tax.idaho.gov/p-motorfuels.cfm . Let's hope they keep it that way in Idaho.

    Leave a comment:

Working...
X