Fuel Tax Credits: What They Are and How to Claim Them
Fuel Tax Credits: What They Are and How to Claim Them For truckers, fuel is one of the largest operating costs, but there is a way to reduce this burden through fuel tax credits . These credits allow trucking businesses to reclaim a portion of the fuel taxes they have paid for fuel used in certain operations. Understanding fuel tax credits and how to claim them can significantly lower your operating expenses and boost your bottom line. What Are Fuel Tax Credits? Fuel tax credits are federal or state-level credits that reimburse businesses for fuel taxes paid on fuel used for business purposes. Specifically for trucking companies, these credits are typically related to the fuel consumed while the vehicle is traveling on non-taxable roads or being used for off-road activities, such as hauling freight on private property or certain roads that are exempt from fuel taxes. The federal government imposes an excise tax on fuel, which is generally included in the price at the pump. However, no...