April 15, the deadline for filing your 2012 federal tax return, is rapidly approaching. Have you done your taxes? Did you claim the alternative fuels excise tax credit on compressed natural gas (CNG), propane autogas, liquefied natural gas (LNG) or biofuels you bought last year?
If not, there is some good news you might have missed: The Internal Revenue Service (IRS) extended the deadline for claiming these credits to July 1, 2013.
The alternative fuels excise tax credit, which provides a $0.50/gallon credit for various alt fuels, expired at the end of 2011. But as a part of the ‘fiscal cliff’ legislation signed on Jan. 2, the incentives were extended through Dec. 31, 2013, and retroactively to cover purchases made in 2012.
In the IRS' estimation, the four months from Jan. 2 to April 14 was not sufficient time for fleets and other alt-fuel purchasers to get their paperwork together, so they tacked on an additional two months.
Obviously, there are a number of details associated with claiming these credits. Start HERE for some background and info about the extension.