Fillable Form Ia 8864 - Biodiesel Blended Fuel Tax Credit

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Iowa Department of Revenue

2009 IA 8864

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

SSN or FEIN

Tax Period Ending: _________________________________

Name and Address of Retail Motor Fuel Site: ______________________________________

____________________________________________________________________________

Use this column to

calculate the credit

enter the total of all

for this retail motor

qualifying retail motor

fuel site only.

fuel sites.

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. _________________________________

1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0

3. Divide line 2 by line 1 and enter the percentage here. .................. 3. _________________________________

1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0

If line 3 is less than 50%, STOP. You are not eligible for the

1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0

credit. If line 3 equals or exceeds 50%, continue to line 4.

1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0

4. Enter amount from line 2. ............................................................... 4. _________________________________

1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0

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. _________________________________

Amount to enter

on IA 148 if only

on IA 148 if more

one site

than one site

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.

Beginning January 1, 2009, this credit must be calculated separately for each retail motor fuel site operated by

the taxpayer. To qualify for the tax credit, 50% or more of the gallons of diesel fuel sold by the dealer through

motor fuel pumps at that retail motor fuel site in Iowa must be biodiesel fuel containing a minimum percentage

of 2% by volume of biodiesel.

The amount of credit is three cents multiplied by the total number of gallons of biodiesel blended fuel sold at the

pump during the tax year at the retail motor fuel site.

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.

Any credit in excess of the tax liability can be refunded. In lieu of the refund, the 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.

41-149 (06/30/09)

Form Ia 8864 - Biodiesel Blended Fuel Tax Credit - 2009

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