Form Ia 6478 - Iowa Ethanol Blended Gasoline Income Tax Credit - 2006
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Iowa Department of Revenue
IA 6478 2006
Iowa Ethanol Blended Gasoline Income 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.
Complete one form for each Retail Motor Fuel Site.
Name and Address of Retail Motor Fuel Site: _________________________
Use this column to
Use this column to
calculate the credit for
enter the total of all
___________________________________________________________________
this retail motor fuel
qualifying retail
site only.
motor fuel sites.
1. Total gasoline gallons, including ethanol blended gasoline,
sold through motor fuel pumps during the tax year.
(include all gasoline and ethanol blended gasoline) ............... 1. _________________
_______________
2. Total ethanol blended gasoline gallons sold through motor
fuel pumps during the tax year. ............................................... 2. _________________
_______________
%
%
3. Divide line 2 by line 1 and enter the percentage here ............. 3. _________________
_______________
If line 3 is equal to or less than 60%, STOP. You are not eligible
for the credit for this site. If line 3 exceeds 60%, continue to line 4.
4. Enter 60% of line 1 ................................................................. 4. _________________
_______________
5. Subtract line 4 from line 2 ...................................................... 5. _________________
_______________
6. Total ethanol blended gasoline tax credit
Multiply line 5 by .025 (two and one-half cents). Enter the
result here and on the IA 148 Tax Credits Schedule............... 6. _________________
_______________
Amount to
Amount to enter
enter if more
if only one site.
than one site.
INSTRUCTIONS
Beginning January 1, 2002, an ethanol blended gasoline tax credit is available to retail dealers of gasoline who operate
motor fuel pumps at a retail motor fuel site. Tank wagons are considered retail motor fuel sites. To qualify for the credit,
the dealer must operate at least one retail motor fuel site at which more than 60 percent of the total gallons of gasoline
sold and dispensed through one or more motor fuel pumps during the tax year is ethanol blended gasoline.
This credit must be calculated separately for each retail motor fuel site operated by the taxpayer. The amount of
credit for each eligible retail motor fuel site is two and one-half cents multiplied by the total number of gallons of ethanol
blended gasoline sold through all motor fuel pumps at that retail motor fuel site during the tax year in excess of 60
percent of all gasoline sold through motor fuel pumps at that retail motor fuel site during the tax year. The credit can only
be taken for those retail motor fuel sites where more than 60 percent of the gasoline sold was ethanol blended gasoline.
This form should be completed for each retail motor fuel site, and the total amount of credits for all eligible retail
motor fuel sites can be claimed on the individual or corporation income tax return. This credit can be claimed
even if the taxpayer also claims an E85 gasoline promotion tax credit for the same ethanol gallons.
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.
The IA 148 Tax Credits Schedule must be completed.
41-142 (10/23/06)
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