Incentives and Rebates

LP Gas Rebate Program

The federal government is offering rebates of $0.50 per gallon to encourage LPG usage in motorized vehicles which includes lift trucks and other mobile equipment. You have until March 2010 to claim your retroactive LPG rebate.

Here’s a brief overview of the program:

• The federal government offers a $0.50/gallon rebate when you switch to LPG gas
• The average lift truck uses 2,024 gallons of LPG per year
• One LPG forklift used for one shift could qualify for a rebate of up to $1,012 per year
• The rebate is retroactive to 10/01/06
• You can also claim an annual rebate going forward on your tax return

Flex-Fuel/Ethanol Incentives

There are numerous state and federal laws and incentives encouraging the use of alternative fuel, multi-fuel and flex-fuel vehicles. Be sure to look for incentives that may be available in your specific region.

Click the link below to review various federal ethanol-related incentives and regulations:

http://www.afdc.energy.gov/afdc/ethanol/incentives_laws_federal.html

*Federal and local program specifications, dates and other requirements may change at any time. Hy-Tek Material Handling, Inc. is not a tax consultant.

Note: The federal government is currently considering extending these capital expenditure tax deductions for business.

You’ll find Internal Revenue Code 179 is one of the best tax breaks for businesses in a long time. If it is extended, you can purchase any new or used capital equipment from Hy-Tek to qualify for the deductions.

In the enhanced 2009 Economic Stimulus Act, IRS Code 179, business owners are incentivized to invest in qualifying equipment because the code allows deductions for additional depreciation on your investments--in addition to the Standard Depreciation deduction (MACRS). This significantly increases your tax benefit the first year the equipment is placed into service.

For commercial taxpayers who have qualifying equipment for business purposes, you may be able to deduct up to $250,000 of the value of the equipment. You may also qualify for 50% bonus depreciation in addition to the first-year Standard Depreciation deduction (MACRS) on the remaining amount. If you acquire more than $800,000 of qualifying business assets during the tax year, your Section 179 deduction will decrease.

Certain leases and finance agreements also qualify for the deduction, which means you don't have to come up with cash to get the tax benefit. Check with your tax advisor on the possible extension of these benefits and for your specific qualifications

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*Federal and local program specifications, dates and other requirements may change at any time. Hy-Tek Material Handling, Inc. is not a tax consultant.

You may qualify for various rebates and tax incentives when you install new energy-efficient lighting. There are state, local, utility, and federal incentives and policies that promote renewable energy and energy efficiency. Hy-Tek can help you identify possible assistance, and we can walk you through the steps of documentation in these areas:

Possible Local Utility Power-Cash Rebates:

• Cash Rebates Based On kWh Reduction
• Rebates That Increase With % Savings vs. Wattage Code Allocation

Possible Federal Tax Deduction:

• Epact Act 2005, IRS Allowance Based on reduced kilowatt useage per square foot

The Energy Policy Act (EPAct) Act of 2008 has extended the energy-efficient buildings accelerated tax deduction for five years through December 31, 2013. Known as EPAct, the program provides an immediate tax deduction for lighting investments that achieve specified energy cost reductions that meet ASHRAE* 90.1-2001 building energy code standards. This act provides tax incentives for both lighting and lighting controls.

To qualify for a tax deduction you must supply a certification of compliance document.

You can rely on Hy-Tek lighting professionals to walk you through the goals and documentation needed to receive these significant tax incentives.

Click here to locate local and national rebates and incentives for your commercial or industrial lighting project.

*ASHRAE (American Society of Heating, Refrigeration, and Air Conditioning Engineers)

*Federal and local program specifications, dates and other requirements may change at any time. Hy-Tek Material Handling, Inc. is not a tax consultant.