Backdating fuel tax credit registration
For propane used or sold , the tax credit is calculated based on the gasoline gallon equivalent (GGE).
I applied for Tax Credits today, the woman on the phone told me roughly the whole process should take 6ish weeks.
Moreover, the Bipartisan Budget Act of 2018 retroactively extended this credit through the end of 2017.
Alternative fuel includes liquefied petroleum gas (LPG), also known as propane.
Taxpayers may be entitled to this Alternative Fuel Excise Tax Credit for propane that is used in a forklift if used in a trade or business.
In order to be the proper claimant of the credit the business must meet two tests, the tax test and the registration test.
The tax test states that the claimant must have paid the tax on the fuel or would have paid the tax if the fuel was used for a taxable purpose.