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LDR Alternative Fuel Tax Credit Guidance for your 2017 Returns

What's new for Louisiana 2017 Individual Income Tax?

Guidance from LDR for Individual Tax returns for 2017

Alternative Fuel Credit – Code 71F – Acts 325 and 403 of the 2017 Regular Legislative Session made several changes to the credit. (R.S. 47:6035) See Revenue Information Bulletin 17-016 for details of the changes including the calcula- tion as explained below.

Credit for the purchase of a qualifying new vehicle:

  • If purchased prior to June 22, 2017, the credit is 36 percent of the cost of the qualified clean-burning motor vehicle fuel property that is installed. If the taxpayer is unable to determine the exact cost attributable to the qualified clean-burning property, the credit is equal to 7.2 percent of the cost of the vehicle or $1,500, whichever is less.
  • If purchased on or after June 22, 2017 but before June 26, 2017, the credit is equal to 7.2 percent of the cost of the qualified vehicle or $1,500, whichever is less.
  • If purchased on or after June 26, 2017, the credit is equal to 10 percent of the cost of the qualified vehicle or $2,500, whichever is less.

Credit for vehicle conversions or building of fueling stations: If the purchase and installation was completed prior to June 22, 2017, the credit is 36 percent of the cost of the qualified clean-burning motor vehicle fuel property. If it was completed after June 21, 2017, the credit is 30 percent.

Source:  Louisiana Department of Revenue - http://revenue.louisiana.gov/TaxForms/IT540Bi(2017).pdf