Form 41- 149 -Biodiesel Blended Fuel Tax Credit

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Iowa Department of Revenue
IA 8864 2006
Biodiesel Blended Fuel Tax Credit
This is not a motor fuel tax credit or refund form. It is an income tax form.
Attach a copy to your Iowa individual or corporation income tax return.
Name(s) of Individual(s) or C Corporation
Social Security No.
Name of Partnership, S Corporation, LLC, Estate or Trust (if applicable) Federal ID No.
Tax Period Ending:
1. Total diesel fuel gallons, including biodiesel fuel gallons, sold through
motor fuel pumps in Iowa during the tax year. (include all diesel fuel
and biodiesel fuel gallons) ........................................................................................... 1. _______________
2. Total biodiesel fuel gallons sold through motor fuel
pumps in Iowa during the tax year containing a minimum of 2% biodiesel ............... 2. ________________
%
3. Divide line 2 by line 1 and enter the percentage here .................................................. 3. ________________
If line 3 is less than 50%, STOP. You are not eligible
for the credit. If line 3 equals or exceeds 50%, continue to line 4.
4. Enter amount from line 2 ............................................................................................. 4. ________________
5. Total biodiesel blended fuel tax credit
Multiply line 4 by .03 (three cents)
Enter the result here and on the IA 148 Tax Credits Schedule .................................... 5. ________________
INSTRUCTIONS
Beginning January 1, 2006, a biodiesel blended fuel tax credit is available to retail dealers of diesel fuel who operate
motor fuel pumps at a retail motor fuel site. Tank wagons are considered retail motor fuel sites. To qualify for the tax
credit, 50 percent or more of the total gallons of diesel fuel sold by the dealer through motor fuel pumps in Iowa must be
biodiesel fuel containing a minimum percentage of two percent by volume of biodiesel.
The amount of credit is three cents multiplied by the total number of gallons of biodiesel blended fuel sold during the tax
year. For retail dealers of diesel fuel whose tax year ends before December 31, 2006, the retail dealer will compute the
tax credit on the number of gallons of biodiesel fuel sold during the period from January 1, 2006 through the end of the
tax year, provided that 50 percent or more of all diesel fuel sold during that period was biodiesel.
Any credit in excess of the tax liability can be refunded. In lieu of the refund, taxpayer may elect to have the
overpayment credited to the tax liability for the following year. In addition, if the taxpayer is a partnership, limited
liability company, S corporation, estate or trust, the credit must be allocated to the individual owners in the ratio of each
owner’s share of the earnings of the entity to the entity’s total earnings.
41-149 (9/26/06)

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