Alternative Fuels Tax Credit

Does this mean Fred Flintstone gets a tax credit on his feet? You know...the ones that pedaled his Stone Age car? Sadly, no. The legislation in question allows a $0.50 per gallon tax credit on certain alternative fuels, spelled out in the law. As described by the IRS, these fuels include propane, liquefied hydrogen, P-Series fuel, natural gas, liquefied gas made from biomass and "liquid fuel derived from coal through the Fischer-Tropsch process." So if you are liquefying coal any other way, you're out of luck. As of this writing, the law only covered fuel purchased and used through December 31, 2017. So you're probably out of luck either way.

The basic idea is that you get a discount on these items by being allowed to deduct costs when you pay your taxes...if you use the specific alternative fuels listed. The hard part is just defining what alternative fuel means to everyone. Like...aren't foot pedal powers alternative fuels (paging Mr. Flintstone)? Think: Deductible Nikes.