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Common Transportation Fuel Tax Credits

February 29, 2024

Fuel is one of the largest and most volatile expenses incurred by transportation companies. Being informed about fuel tax credits that can offset this expense is imperative for procuring “free” dollars to invest back into your business. Fuel tax credits can come in many forms and be taken in a variety of ways. There can be confusion surrounding eligibility, types of fuel use that qualifies, and the means by which to claim these credits. The rules vary from year to year in conjunction with tax law enactments, including both expirations and renewals of existing credits and the passing of new ones.

As is the case with many government-issued credits, the Internal Revenue Service has issued strong warnings to taxpayers about third-party organizations that encourage them to take fuel tax credits erroneously for personal gain. It is always advised that taxpayers consult with their tax advisor to analyze their unique fact pattern in determining eligibility of these credits. For guidance in this area, please refer to KSM’s Common Transportation Fuel Tax Credits summary to identify the most common fuel tax credits taken in the industry, as well as outline ways to procure them.

Contact your KSM advisor with any questions or concerns or complete this form.


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