2016 Tax Credits for Indiana Forklift Users and Warehouses

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Does your Indiana warehouse employ forklifts that run on a clean-burning fuel like propane? If so, your business is likely eligible for the 2016 Alternative Fuel Tax Credit. This federal tax credit rewards businesses that invest in cleaner and greener forklifts and other machinery, which results in you saving money this tax season!

How Much Is the 2016 Alternative Fuel Tax Credit For Forklifts?

The Alternative Fuel Tax Credit nets you a 50 cent credit per gallon of fuel used, and applies to each and every gallon of fuel used across your entire fleet for the whole year. If you have an extensive fleet of forklifts, that can mean a decently-sized reduction in your business’s taxes.

How Can You Claim Your 2016 Tax Credit for Propane Forklifts?

Before applying for the Alternative Fuel Tax Credit, you must first be registered with the IRS as an alternative fuel provider. You can apply to do so by filing Form 637, The Application for Registration (For Certain Excise Tax Activities).

Once registered as an alternative fuel provider, use the following steps to claim your tax credit:

  • Use Form 8849 (Claim for Refund of Excise Taxes) to submit claims for 2016 alternative fuel incentives.
  • Include Schedule 3 of Form 8849.
  • Enter the amounts for 2016 biodiesel and alternative fuel incentives on Line 2 and Line 3 of Schedule 3.
  • Follow the instructions to Form 8849 and Schedule 3 when preparing your submission.
  • Submit these forms via mail to the address listed under “Where To File” for Schedule 3.
    • Or file Form 8849 and Schedule 3 electronically through any service participating in the IRS e-file program for excise taxes.

For more information on the 2016 Alternative Fuel Tax credit, consult with a tax professional. To learn more about propane-fueled forklifts, call Tynan Equipment at 317-597-4003 to get more information on our selection of clean-burning forklifts.

Tynan Equipment Company is not a tax preparer. We cannot make recommendations to help taxpayers in obtaining tax credits. We advise you to consult with a licensed tax professional to apply for or receive a tax credit as part of the Alternative Fuel Tax credit.

Tax credits are available to propane forklift users in Indiana.

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