Saturday, October 24, 2020
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Alternative Fuel Tax Credit Extended Through September

At the end of 2019, President Donald Trump signed into law the Further Consolidated Appropriations Act 2020, which extends the Alternative Fuel Tax Credit and the Alternative Fuel Vehicle Refueling Property Tax Credit through Sept. 30.

The bill applies retroactively to 2018 and 2019. The IRS has issued special guidance relating to the retroactive extension to 2018 and 2019. There is a 180-day window to submit all retroactive claims, from Feb. 14 to Aug. 11, 2020.

The bill also extends a $0.50 per gallon fuel credit for using propane autogas as a transportation fuel.

It also credits all property that dispenses alternative fuel, that is not limited to a fuel type. It is capped annually at $30,000 per location for businesses and $1,000 for principal residences.

The bipartisan legislation was introduced on Feb. 28 by Senate Finance Committee Chairman Chuck Grassley of Iowa and Ranking Member Ron Wyden of Oregon. Grassley stated in a previous STN article that extending the tax provisions will give them more time to take a long-term view of the temporary tax policy.

Grassley added that the cycle of repetitive short-term extensions needs to end.

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