Alternative Fuel Tax Credits Renewed through 2011


The previously expired 50-cent-per-gallon alternative fuel tax credit as well as the 30% (up to $30,000) alternative fueling infrastructure credit were renewed during December's lame-duck Congressional session. The 50-cent credit also applies retroactively to 2010.


Autogas for America stakeholder Ferrellgas issued a press release last week, encouraging propane Autogas users to take advantage of the measure.


OVERLAND PARK, Kan., Jan. 4, 2011 /PRNewswire/ -- Americans using propane to power their fleets and forklifts have the opportunity to receive substantial tax credits after the recent passage of the Tax Relief, Unemployment Insurance Authorization and Job Creation Act of 2010.

"We encourage individuals and businesses that are powering their vehicles and forklifts with propane to be sure they understand how the new law can benefit them as they prepare their tax returns this year and beyond," said Steve Wambold, president and chief executive officer of Ferrellgas Partners, L.P. (NYSE: FGP), one of the nation's largest propane distributors.

As signed by President Barack Obama on December 17, the new law provides a 50-cent per gallon propane autogas fuel tax credit. The credit is effective through December 31, 2011, and retroactive to January 1, 2010. In addition, the alternative fuel infrastructure tax credit has also been extended, allowing businesses that install propane autogas fueling stations to recover 30% of the cost of the installation, not to exceed $30,000. Fueling station owners who install qualified equipment at multiple sites are allowed to use the credit toward each location.

"With more than a quarter million propane-powered vehicles on the road and more than 500,000 propane-powered forklifts in use around the country, a large number of businesses will continue to benefit from this key provision," Wambold said. "Ferrellgas is a proud supplier of efficient, clean-burning propane and applauds the efforts by Congress to extend these tax benefits for businesses and individuals who have embraced propane as an alternative fuel."

Ferrellgas Partners, L.P., is a Fortune 1000 company and, through its operating partnership, Ferrellgas, L.P., serves approximately 1 million customers in all 50 states, the District of Columbia and Puerto Rico. Ferrellgas employees indirectly own more than 20 million common units of the partnership through an employee stock ownership plan. 

SOURCE Ferrellgas Partners, L.P.


To find out more about the tax bill and energy incentives, click here.

Click here to see the original Ferrellgas press release.

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