OVERLAND PARK, Kan.,
Jan. 4, 2011 /PRNewswire/ --
Americans using propane to power their fleets and forklifts have
the opportunity to receive substantial tax credits after the recent
passage of the Tax Relief, Unemployment Insurance Authorization and
Job Creation Act of 2010.
"We encourage individuals and businesses that are powering their
vehicles and forklifts with propane to be sure they understand how
the new law can benefit them as they prepare their tax returns this
year and beyond," said Steve
Wambold, president and chief executive officer of Ferrellgas
Partners, L.P. (NYSE: FGP), one of the nation's largest propane
distributors.
As signed by President Barack
Obama on December 17, the new
law provides a 50-cent per gallon
propane autogas fuel tax credit. The credit is effective through
December 31, 2011, and retroactive to
January 1, 2010. In addition, the
alternative fuel infrastructure tax credit has also been extended,
allowing businesses that install propane autogas fueling stations
to recover 30% of the cost of the installation, not to exceed
$30,000. Fueling station owners who
install qualified equipment at multiple sites are allowed to use
the credit toward each location.
"With more than a quarter million propane-powered vehicles on
the road and more than 500,000 propane-powered forklifts in use
around the country, a large number of businesses will continue to
benefit from this key provision," Wambold said. "Ferrellgas is a
proud supplier of efficient, clean-burning propane and applauds the
efforts by Congress to extend these tax benefits for businesses and
individuals who have embraced propane as an alternative fuel."
Ferrellgas Partners, L.P., is a Fortune 1000 company and,
through its operating partnership, Ferrellgas, L.P., serves
approximately 1 million customers in all 50 states, the
District of Columbia and
Puerto Rico. Ferrellgas employees
indirectly own more than 20 million common units of the partnership
through an employee stock ownership plan. More information about
the company can be found online at www.ferrellgas.com.
Contact: Jim Saladin, Media Relations,
913-661-1833
SOURCE Ferrellgas Partners, L.P.