Form Ia 6478 - Iowa Ethanol Blended Gasoline Income Tax Credit

I O WA

IA 6478 2002

d e p a r t m e n t o f R e v e n u e a n d F i n a n c e

w w w.state.ia.us/tax

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 service station site.

Name and Address of Service Station Site: __________________________

Use this column to calculate

Use this column

the credit for this service

to enter the

___________________________________________________________________

station site only.

total of all

qualifying

service station

1. Total gasoline gallons, including ethanol blended gasoline,

sites.

sold through metered pumps on or after January 1, 2002, through

the end of the tax year. (Include all gasoline and ethanol

blended gasoline.) .................................................................... 1. _____________________

_________

2. Total ethanol blended gasoline gallons sold through metered

pumps on or after January 1, 2002, through the end of 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 line 66 of the IA 1040,

or line 20 of the IA 1120, or line 16 of the IA 1120A ................ 6. _____________________

_________

Amount to enter

Amount to

if only one site.

enter if more

INSTRUCTIONS

than one site.

Beginning on or after January 1, 2002, an ethanol blended gasoline tax credit is available to retail dealers of gasoline who operate

metered pumps at a service station. To qualify for the credit, the dealer must operate as least one service station at which more than 60

percent of the total gallons of gasoline sold and dispensed through one or more metered pumps on or after January 1, 2002, is ethanol

blended gasoline.

2001 fiscal-year filers: Calculate the tax credit on gallons of ethanol blended gasoline sold to total gallons of gasoline sold through

one or more metered pumps on or after January 1, 2002, through the last day of the dealer’s fiscal year.

2002 fiscal-year filers: Calculate the tax credit on gallons of ethanol blended gasoline sold to total gallons of gasoline sold through

one or more metered pumps during the tax year.

This credit must be calculated separately for each service station site operated by the taxpayer. The amount of credit for each

eligible service station is two and one-half cents multiplied by the total number of gallons of ethanol blended gasoline sold through

all metered pumps at that station on or after January 1, 2002, in excess of 60 percent of all gasoline sold through metered pumps at that

station on or after January 1, 2002. The credit can only be taken for those service station sites where more than 60 percent of the

gasoline sold was ethanol blended gasoline. This form should be completed for each service station site, and the total amount of

credits for all eligible service station 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, 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

41-142 (6/10/03)

entity’s total earnings.

Form Ia 6478 - Iowa Ethanol Blended Gasoline Income Tax Credit - 2002

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