Reap the Benefits of Propane!
Yes you’re hearing right. Propane tax credits are back! Although propane forklift and vehicle technology already benefit the environment, choosing to use propane will also benefit you. With these added incentives, you’ll know you are making the right choice.
To give a little bit of background behind these propane taxes, the alternative fuel excise credit that expired in 2017 is being extended. Hooray! Following the Senate passage, H.R. 1865 headed to the White House where President Trump signed the legislation law on December 20, 2019. Because of this, the tax credit has been extended through December 31, 2020 providing a retroactive credit for all of 2018 and 2019.
With the energy adjustment calculation, propane credits are 37 cents per U.S. gallon for propane used in on-road vehicles, forklifts, and lawnmowers.
Here’s an example:
Say you have 10 forklifts.
If you fill all 10 (7.5 gallon) tanks everyday, you would be filling 75 gallons.
With the propane credits of $0.37, you would be getting $27.75 back for the 75 gallons.
If you are doing this for a whole year (365 days), you would be getting back around $10,128.75!
See this hand grabbing the money? That could be you!
Because propane is already the more affordable option, these alternative fuel tax credits will encourage the use and adoption of the idea of propane as an engine fuel. With this proponent, propane users will be more inclined to choose propane over other fuels.
Stephen Kaminski, President and CEO of the National Gas Association (NPGA) believes, “This legislation will motivate consumers to make smart, green energy decisions, drive the development of modern technology using resilient energy sources such as propane and promote the growth of small businesses.” With the current state of our environment and Earth, we could use all the help we can get to improve the situation we are in. And where better to start than a small, but mighty switch from diesel or gasoline to propane.
Kaminski goes on to say, “Congress is sending a clear message to the country that it recognizes propane as clean and green fuel for the future.” Propane now, a cleaner and healthier future we can look forward to later. There is a huge responsibility to take care of our Earth and it starts with us!
Now that you’ve read a little bit about the alternative fuel tax credits, if you are looking to make the switch, do not hesitate to contact us about any questions or concerns you have and we’d be happy to help you make that switch. Ted Johnson Propane is dedicated to our customers and only provide the best and safest service and propane as possible.
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