Instructions For Form 6478 - Biofuel Producer Credit - 2014

ADVERTISEMENT

2014
Department of the Treasury
Internal Revenue Service
Instructions for Form 6478
Biofuel Producer Credit
Section references are to the Internal Revenue Code
Qualified second generation biofuel production does
unless otherwise noted.
not include purchasing alcohol and increasing the proof of
the alcohol through additional distillation. Nor does it
Future Developments
include second generation biofuel that is not both
For the latest information about developments related to
produced in the United States or a U.S. possession and
Form 6478 and its instructions, such as legislation
used as a fuel in the United States or a U.S. possession.
enacted after they were published, go to
A qualified second generation biofuel mixture combines
second generation biofuel with gasoline or a special fuel.
What's New
The producer of the mixture either:
Used it as a fuel, or
The biofuel producer credit was extended to cover second
Sold it as fuel to another person.
generation biofuel sold or used in 2014. The credit is
scheduled to expire for second generation biofuel sold or
Second Generation Biofuel
used after 2014. Do not claim a credit for biofuel sold or
Generally, second generation biofuel, for credit purposes,
used after 2014 on Form 6478 unless the credit is
is any liquid fuel, which:
extended.
Is derived by, or from, qualified feedstocks;
Meets the registration requirements for fuels and fuel
General Instructions
additives established by the Environmental Protection
Purpose of Form
Agency under section 211 of the Clean Air Act (42 U.S.C.
7545); and
Use Form 6478 to figure your biofuel producer credit. You
Is not alcohol of less than 150 proof. In figuring the
claim the credit for the tax year in which the sale or use
proof of any alcohol, disregard any added denaturants
occurs. This credit consists of the second generation
(additives that make the alcohol unfit for human
biofuel producer credit.
consumption).
You may claim or elect not to claim the biofuel producer
A qualified feedstock is:
credit at any time within 3 years from the due date of your
Any lignocellulosic or hemicellulosic matter that is
return (determined without regard to extensions) on either
available on a renewable or recurring basis; and
an original or an amended return for the tax year of the
Any cultivated algae, cyanobacteria, or lemna.
sale or use.
However, second generation biofuel does not include
Partnerships, S corporations, cooperatives, estates,
any fuel if:
and trusts must file this form to claim the credit. All other
More than 4% of the fuel (determined by weight) is any
taxpayers are not required to complete or file this form if
combination of water and sediment,
their only source for this credit is a partnership, S
The ash content of the fuel is more than 1%
corporation, cooperative, estate, or trust. Instead, they
(determined by weight), or
can report this credit directly on line 4c in Part III of Form
The fuel has an acid number greater than 25.
3800, General Business Credit.
Special rules for algae. For sales described in (1) under
Qualified Second Generation Biofuel
Qualified Second Generation Biofuel Production, earlier,
second generation biofuel also includes certain liquid fuel,
Production
which:
This is second generation biofuel which during the tax
Is derived by, or from, any cultivated algae,
year:
cyanobacteria, or lemna; and
1. Is sold by the producer to another person—
Is not alcohol of less than 150 proof (disregard any
added denaturants).
a. For use by the buyer in the buyer’s trade or
business to produce a qualified second generation biofuel
But only if this fuel is sold by the producer to another
mixture (other than casual off-farm production),
person for refining by such other person into a liquid fuel
which will meet the registration requirements for fuels and
b. For use by the buyer as a fuel in a trade or
fuel additives established by the Environmental Protection
business, or
Agency under section 211 of the Clean Air Act (42 U.S.C.
c. Who sells the second generation biofuel at retail to
7545), and not include any fuel if:
another person and puts the second generation biofuel in
More than 4% of the fuel (determined by weight) is any
the retail buyer’s fuel tank; or
combination of water and sediment,
2. Is used or sold by the producer for any purpose
The ash content of the fuel is more than 1%
described in (1) above.
(determined by weight), or
Jan 27, 2015
Cat. No. 13606U

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Legal
Go
Page of 3