Thanksgiving is in a few days which means November is quickly fleeting and we are a little over a month away from many alternative fuel incentives expiring, on December 31, 2011, under current law. The Alternative Fuel Infrastructure Tax Credit, in the amount of 30% of the cost, not to exceed $30,000, is available to help offset the cost for the installation of propane autogas refueling infrastructure.
Qualified alternative fuel vehicle property is any property (other than a building or its structural components) used to store or dispense a clean-burning fuel into the fuel tank of a motor vehicle propelled by the fuel, but only if the storage or dispensing is at the point where the fuel is delivered into the tank. Keep in mind, for those fueling station owners who install qualified equipment at multiple sites are allowed to use the credit toward each location!
For more information and the full description on how to qualify, see IRS Form 8911 and/or IRS Form 3800, which are available via the IRS Web Site. To speak to someone directly, contact the U.S. Internal Revenue Service by phone at (800) 829-1040.