Form Ia 6478 - Iowa Ethanol Blended Gasoline Income Tax Credit

Iowa Department of Revenue

2009 IA 6478

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

Identification No.

Complete one form for each Iowa retail motor fuel site.

Name and Address of Retail Motor Fuel Site: _________________________

Use this column to

enter the total of all

calculate the credit for

___________________________________________________________________

qualifying retail

this retail motor fuel

site only.

motor fuel sites.

1. Total gasoline gallons, including ethanol blended gasoline,

sold through motor fuel pumps through December 31, 2009.

Include all gasoline and ethanol blended gasoline. .............. 1. _________________

_______________

2. Total ethanol blended gasoline gallons sold through motor

fuel pumps in Iowa through December 31, 2009. ................ 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 an Iowa 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% of the total gallons of gasoline

sold and dispensed through one or more motor fuel pumps during the tax year is ethanol blended gasoline. Sales of diesel

fuel are not considered sales of gasoline and should be excluded from the calculation.

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% 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% 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. Do not include any gallons

sold after December 31, 2009. Gallons sold after December 31, 2009, may be eligible for the ethanol promotion tax

credit, which is computed on form IA 137.

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 (05/06/09)

Form Ia 6478 - Iowa Ethanol Blended Gasoline Income Tax Credit - 2009

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