Form Bbsc - Biodiesel Blending And Storage Credit - 2014 Page 2
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Form BBSC Instructions
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Biodiesel is a fuel produced from monoalkyl esters of long-chain
primarily to blend biodiesel that is made entirely from
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fatty acids derived from vegetable oils, renewable lipids, animal
Montana-produced feedstocks.
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fats, or any combination of these ingredients. This fuel must meet
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You blended biodiesel with petroleum diesel for sale during
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the requirements of ASTM D6751, also known as the Standard
the current tax year.
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Specification for Biodiesel Fuel (B-100) Blend Stock for Distillate
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Your storage and blending equipment purchased is used in
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Fuels, as adopted by the American Society for Testing and
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Montana primarily to blend biodiesel for sale.
Materials.
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You anticipate that your sales of biodiesel will be at least 2%
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What information do I have to include with my return
of your total diesel sales by the end of the third year following
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when I claim this credit?
the initial year you claim the credit.
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Individuals. If you are filing a paper return, include a copy of
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You are an owner, contract purchaser, or lessee who has a
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Form BBSC with your individual income tax return.
beneficial interest in a business that blends biodiesel.
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C corporations. If you are filing a paper return, include a
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I purchased equipment to begin blending biodiesel with
copy of Form BBSC with your corporate income tax return.
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petroleum diesel in a prior year but I have just begun
S corporations and partnerships. If you are filing a paper
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blending the fuel for sale this year. Am I eligible for the
return, include Form BBSC with your Montana information
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biodiesel blending and storage credit?
return Form CLT-4S or PR-1 and include a separate
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Yes, you are. The credit is available in any year that you blend
statement identifying each owner and their proportionate
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biodiesel with petroleum diesel for the purpose of resale. If you
share.
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purchased the equipment in the two tax years before you began
You will need to complete a separate Form BBSC for each source
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blending the biodiesel and the petroleum diesel, you can use the
you are receiving the credit from. For example, if you are a partner
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costs from those years to calculate your current tax year biodiesel
in one partnership that qualified for this credit, and you, as an
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blending and storage credit.
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individual, also qualify for this credit, you would need to complete
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two forms.
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Part III. Credit Computation
If you file electronically, you do not need to mail this form to us
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unless we contact you for a copy.
What costs do I use to calculate my biodiesel blending
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and storage credit?
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Am I required to recapture my credit that I previously
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The costs used to calculate your credit are the amounts that you
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received if I cease operating my business?
have invested in depreciable property that is used for storing or
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Yes, you are. If you cease blending biodiesel with petroleum
blending biodiesel with petroleum diesel for sale.
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diesel for sale for 12 continuous months, within five years from
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the year that you initially claimed the credit, or if your blended
If I am claiming the biodiesel blending and storage
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biodiesel sales were less than 2% of your total diesel sales by the
credit, can I also deduct the annual depreciation on my
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end of your third year, you are required to recapture your credit in
investment?
the year you cease blending or at the end of your third year if your
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Yes, you can. This credit is not in lieu of any depreciation or
sales were less than 2% of total diesel sales.
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amortization deduction that you are allowed for your investment.
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Part I. Partners in a Partnership or Shareholders of an
If the credit exceeds my tax liability, can I carry any
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excess credit to another tax year?
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S Corporation
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Yes, you can carry forward unused credit for up to seven years.
If you complete Part I, do not complete Part II or III.
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However, if you are not blending or storing biodiesel for blending
How do I claim my credit when I am a partner or
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during a tax year, no credit can be claimed for the tax year.
shareholder in a partnership or S corporation?
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Administrative Rules of Montana: 42.4.2504
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If you received this credit from a partnership or S corporation,
Questions? Please call us toll free at (866) 859-2254 (in Helena,
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you will need to fill out Part I in its entirety. Your portion of the
444-6900).
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credit can be obtained from the Montana Schedule K-1 that you
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received from the entity. In addition to reporting your portion of the
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credit, you will need to provide the partnership’s or S corporation’s
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name and Federal Employer Identification Number.
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If you are a partner or shareholder in more than one partnership
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or S corporation, you will need to complete a separate Form
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BBSC for each entity you are receiving the credit from.
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Part II. Qualifications
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What requirements do I have to meet in order to qualify
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for the biodiesel blending and storage credit?
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In order for you to qualify for this credit, the following requirements
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have to be met:
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Your investment is for depreciable property that is used
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