The Fiscal Cliff legislation revived the tax credit for propane use in forklifts. The credit is $0.50 per gallon of propane used to power forklifts. You may be able to obtain a report from your propane supplier that shows the number of gallons purchased (converted from cylinders to gallons).

This energy tax credit first expired at the end of 2011. However, this propane-specific energy tax credit has been extended through December 31, 2013 and has also been made retroactive for taxable year 2012.

You do have to register with the IRS on Form 637 to be eligible for the tax credit.

For more information on this tax credit, visit these links. http://www.forkliftpropane.com/about/advantages/tax-credit.php http://www.ferrellautogas.com/Resource_/PageResource/PricingAdvantages/ForkLift_FAQ.pdf

Call your JMF CPA today if you have any questions or would like to know how we may help you claim this tax credit. Our team of experts would be glad to assist you however we can.