Washington State Clean Alternative Fuel Credit Expansion
The State of Washington recently announced certain business credits available in 2016.
Beginning July 1, 2016, if your business purchases, leases or modifies a commercial vehicle to run on alternative clean fuels, your business will be eligible for the alternative clean fuel credit to apply against B&O (business & occupational) and PUT (public utility) tax filings. Please note, this credit is time sensitive due to the fact the state only has $6 million dollars ($2 million for three vehicle classes) reserved for this credit. Therefore, it is a first come first serve credit.
- The purchase or lease of a new or qualified used commercial vehicle with propulsion units powered, principally, by clean fuels.
- Credit for costs, to include parts, labor, and service charges, associated with modifying a commercial vehicle to be principally powered by clean fuels.
- The business must use the clean fuel commercial vehicles to transport the following items to be eligible:
- Must be registered in Washington and display a Washington license plate.
Total Credit Available by Class
- Up to 14,000 pounds: Maximum credit $5,000.00
- 14,001 to 26,500 pounds: Maximum credit $10,000.00
- Above 26,500 pounds: Maximum credit $20,000.00
For more information or to begin the application process, schedule your appointment with one of our accountants today. gpltax.com or by calling 425-502-9465
Here at GPL, we use our knowledge to examine every tax reduction/cost savings strategy afforded you.