Update on the $.50 per Gallon Tax Credit

The U.S. House passed a bill (H.R. 4213) to extend the .50 cent per gallon alternative fuel tax credit for one year as part of a larger tax provision extenders bill. However, the eligibility of propane as a forklift fuel is excluded from the House provision. The Senate was unable to consider the bill before they finished last year. As a result, the bill carried over into this year. The Chairman and ranking Republican member of the Senate Finance Committee have already indicated that it is their intention and hope to take up consideration of the extenders package on the Senate floor early in this year. While we do not have an exact date, some time in the first quarter is the current speculation. It is also expected that the bill will be retroactive in order to make the extended tax provisions good for the full year of 2010.