ThompsonGas Issues Tax-Time Reminder for Propane Users

All business & homeowners currently using propane gas service are eligible for alternative fuel & energy-efficient homes tax credits.

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With tax deadline fast approaching, leading propane gas supplier ThompsonGas reminds business and homeowners currently using propane gas services to take advantage of several propane-specific energy tax credits.

Hagerstown, MD (PRWEB) April 03, 2013

With tax deadline fast approaching, leading propane gas supplier ThompsonGas reminds business and homeowners currently using propane gas services to take advantage of several propane-specific energy tax credits reinstated earlier this year. Some propane-specific energy tax credits had expired and have been extended through 2013. Propane customers are encouraged to contact ThompsonGas to see if you qualify for any of the provisions made retroactive for taxable year 2012:

  •     Alternative Fuel Tax Credit: $0.50 per gallon is available for propane sold for use or used to operate a motor vehicle. This includes commercial propane autogas for forklifts, fleet vehicles and more.
  •     Alternative Fuel Infrastructure Tax Credit: Propane-fueled equipment containing a minimum of 20% biodiesel installed between Jan. 1, 2006 and Dec. 31, 2013, is eligible for a tax credit of 30% at the cost, not to exceed $30,000. Fueling station owners who install qualified equipment at multiple sites are allowed to use the credit toward each location. Consumers who purchased qualified residential propane equipment before Dec. 31, 2013 may receive a tax credit of up to $1,000.
  •     Energy Efficient Existing Homes Tax Credit: This credit applies to energy efficiency improvements to existing homes. Under this credit, homeowners may receive:
o    $150 for a home propane furnace purchase with an AFUE (annual fuel utilization efficiency) ≥ 95.
o    $150 for a propane hot water boiler with an AFUE ≥ 95. Tax credit includes installation costs.
o    $300 for a propane water heater with an Energy Factor ≥ .82 OR a thermal efficiency of at least 90%.
  •     Energy Efficient New Homes Tax Credit: Eligible contractors of energy-efficient new homes, including manufactured homes constructed in accordance with the Federal Manufactured Homes Construction & Safety Standards, can receive up to $2,000. The new home must achieve 50% energy savings for heating and cooling over the 2006 International Energy Conservation Code (IECC) and supplements. At least 1/5 of the energy savings must come from building envelope improvements.

The other provision of interest to the propane services industry concerns the estate tax. The change to the estate tax provisions has now been made permanent. These changes include an exemption level of $5 million with a top tax rate of 40%.

All of the same rules apply to these credits as in the past. The only thing that has changed is the expiration date. Other credits for commercial propane autogas are available on state and local levels. ThompsonGas urges all business and homeowners to consult their tax advisers regarding claims, refunds and other tax credit related questions. To learn more about ThompsonGas’ propane gas services, and other propane incentives or savings, visit their website.

About ThompsonGas:
With headquarters in Hagerstown, Md., ThompsonGas is among the fastest growing propane companies in the country. Serving nearly 190,000 customers in 11 states, ThompsonGas’ operations include the retail marketing, sale and distribution of propane to residential, commercial, industrial and agricultural customers. Today, ThompsonGas serves customers from more than 44 customer service centers throughout the country. ThompsonGas also operates a propane rail terminal in Baltimore that serves independent dealers and multi-state marketers in the Mid-Atlantic region. For more information, visit http://www.thompsongas.com.

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