Tax credit deadline Aug. 1 for 2010 forklift propane use

The deadline for manufacturing, warehouse and distribution center facility owners to apply for a 50-cent-per-gallon tax credit for propane used to fuel their forklifts in 2010 is Aug. 1.

According to the Propane Education & Research Council (PERC), there are more than 600,000 propane-fueled forklifts in operation in manufacturing plants, warehouses and distribution centers across the United States.

The Tax Relief, Unemployment Insur-ance Reauthorization, and Job Creation Act passed by Congress last December extended a 50-cent-per-gallon tax credit through Dec. 31, 2011, for alternative motor fuels, which includes propane. The tax credit also was applied retroactively for 2010.

Internal Revenue Service (IRS) guidance on retroactive fuel credit claims for tax year 2010 noted a 180-day period to submit all claims. Claims may be filed only once, and facility owners claiming the tax credit must be registered with the IRS and follow documentation requirements.

PERC recommends that propane marketers encourage facility owners to consult their tax adviser regarding claims for credits or refunds and the IRS website (www.irs.gov) for appropriate dates and forms.

For more information about the fuel tax credit, visit www.npga.org.