Form Ia 6478 - Iowa Ethanol Blended Gasoline Income Tax Credit - 2005
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Iowa Department of Revenue
IA 6478 2005
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
Use this column to
calculate the credit for
enter the total of all
___________________________________________________________________
this service station site
qualifying service
only.
station sites.
1. Total gasoline gallons, including ethanol blended gasoline,
sold through metered pumps during the tax year.
(include all gasoline and ethanol blended gasoline) ............... 1. _________________
_______________
2. Total ethanol blended gasoline gallons sold through metered
pumps during 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
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
metered pumps at a service station. To qualify for the credit, the dealer must operate at 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 during the
tax year is ethanol blended gasoline.
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 during the tax year in excess of 60 percent of all gasoline sold
through metered pumps at that station during the tax year. 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 entity’s total earnings.
41-142 (6/2/05)
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