Fuel Tax Credit Group
Alternative Fuel Infrastructure Tax Credit
A Cost Recovery Opportunity
Opportunity Overview
A tax credit is available for up to 30% of the cost of installing alternative fueling equipment, not to exceed $30,000. Qualifying alternative fuels are ethanol (E85), natural gas, compressed natural gas (CNG), liquefied natural gas, liquefied petroleum gas (propane), hydrogen, electricity, or diesel fuel blends containing a minimum of 20% biodiesel. Fueling station owners who install qualified equipment at multiple sites are allowed to use the credit towards each location. Consumers who purchase residential fueling equipment may receive a tax credit of $1,000. The credit is effective for equipment put into service after December 31, 2005, and before December 31, 2010; the credit for hydrogen fueling property expires December 31, 2014.
Procedures
Filing a Claim: The credit against tax is filed with an original or amended federal tax return. Applicable statutory periods apply.
How can we assist you?
The Fuel Tax Credit Group can provide the following tax credit services:
· Analysis of your company’s specific facts, business operations, and fueling equipment, to determine eligibility for tax credit benefit.
· Analysis of your company’s financial books and records to determine and calculate the tax credit amount to be claimed for the appropriate period.
· Preparation of tax credit claims, and assistance with the filing of applicable credit claims with the IRS.
· Preparation and organization of relevant data and documentation to support the tax credit claims filed with the IRS.
· If applicable, audit support for filed claims.
· Work with key company personnel to establish procedures to stream line the information gathering process to efficiently obtain the pertinent data to file tax credit claims on a go forward basis.
Timing
For calendar year taxpayers (i.e. December 31 tax year end) –
· Fueling equipment placed in service from January 1, 2006 – December 31, 2006: A federal amended tax return must be filed within 3 years after the date the corporation filed its original tax year 2006 return.
· Fueling equipment placed in service from January 1, 2007 – December 31, 2007: A federal amended tax return must be filed within 3 years after the date the corporation filed its original tax year 2007 return.
· Fueling equipment placed in service from January 1, 2008 – December 31, 2008: The credit is claimed with the original tax year 2008 return by the extended due date, September 15, 2009.
Contact
Teig Lawrence, Partner
Fuel Tax Credit Group, LLC
4770 Biscayne Boulevard, Suite 940
Miami, Florida 33137
Phone: 305-576-3335
Fax: 305-576-4260
Email: teig@fueltaxcredit.com
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