Form Ia 137 - Ethanol Promotion Tax Credit - Iowa Department Of Revenue

Form Ia 137 - Ethanol Promotion Tax Credit - Iowa Department Of Revenue - 2008 Page 4

claim the ethanol promotion tax credit, it is not

In lieu of claiming the credit on the return for the

necessary to amend this return. The ethanol

period ending April 30, 2009, the taxpayer can claim

promotion credit can be claimed on the next tax

the ethanol promotion tax credit on the tax return for

return which can include the ethanol gallonage sold

the period ending April 30, 2010, including the

for the previous year.

ethanol gallonage for the period from January 1,

2009, through April 30, 2010. In this case, the

For example, a taxpayer who is a retail dealer of

taxpayer will compute the biofuel distribution

gasoline has a fiscal year ending April 30, 2009, and

percentage for the period from January 1, 2009,

operates one motor fuel site in Iowa. The taxpayer

through December 31, 2009, to determine the proper

expects to sell more than 200,000 gallons of gasoline

tax credit rate to be applied to the ethanol gallonage

during the 2009 calendar year. The ethanol gallonage

for the period from January 1, 2009, through

is 50,000 gallons for the period from January 1,

December 31, 2009.

2009, through April 30, 2009. The biofuel

distribution percentage is 7.7% for the period from

Any tax credit in excess of the tax liability can be

January 1, 2009, through April 30, 2009, which

refunded. In lieu of claiming a refund, taxpayer may

results in a biofuel threshold percentage disparity of

elect to have the overpayment credited to the tax

2.3% (10.0 minus 7.7). The taxpayer is entitled to

liability for the following year. In addition, if the

claim an ethanol promotion tax credit of $1,250

taxpayer is a partnership, limited liability company,

(50,000 gallons times 2.5 cents) on the taxpayer’s

S corporation, estate or trust, the credit must be

Iowa income tax return for the period ending April

allocated to the individual owners in the ratio of each

30, 2009.

owner’s share of the earnings of the entity to the

entity’s total earnings.

The IA 148 Tax Credits Schedule must be

completed.

41-151d (11/9/07)

Form Ia 137 - Ethanol Promotion Tax Credit - Iowa Department Of Revenue - 2008 Page 4

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