Monday, March 07, 2011 Archives | Advertise | Online Buyer's Guide | FLEETSolutions

U.S. Legislative Updates

Print Print this Article | Send to Colleague



IRS Issues Guidance for 2010 Tax Credits

The Internal Revenue Service has issued a notice that provides the rules under which a fleet may make a one-time claim for reimbursement for the tax credit on propane and natural gas used in 2010. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 restored the 50-cent per gallon tax credit for propane and natural gas retroactive to January 1, 2010.  IRS Notice 2011-10 provides the only method for claiming the tax credit on propane used in 2010.  The IRS will neither process or pay claims for 2010 submitted by any method, or on any form, not prescribed in the Notice. The Notice is available at http://www.irs.gov/pub/irs-drop/n-11-10.pdf.

NAFA Working with EPA on UST Compatibility Issue

NAFA recently responded to a request from the U.S. Environmental Protection Agency (EPA) regarding underground storage of biodiesel blends. EPA's Office of Underground Storage Tanks (OUST) asked for information on the most common biodiesel blends being used by fleets and stored in USTs – B5 or B20. In response to EPA's request, NAFA has provided information and data demonstrating that B20 is the most common blend being used by fleets, with some variation based on warranty requirements or economics. EPA's request to NAFA is part of an ongoing project by EPA to set requirements for tank owners and operators to demonstrate that tanks and components are compatible with biodiesel and ethanol. Late last year, EPA published proposed guidance and EPA asked what the threshold should be for biodiesel for requiring demonstration of compatibility.

PrintShare on Facebook Share on Twitter Share on LinkedIn

Get Social
Facebook
LinkedIN
Twitter

Button 

 The CEI Group, Inc.
iiX Employment Screening Services
GoIndustry DoveBid
NAFA Fleet Management Association
125 Village Blvd., Suite 200
Princeton, NJ 08540

Telephone: 609.720.0882 Fax: 609.452.8004