Form Ia 135 - Iowa E85 Gasoline Promotion Tax Credit - 2014

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Iowa Department of Revenue
2014 IA 135
Iowa E85 Gasoline Promotion Tax Credit
Name(s)
SSN or FEIN
Pass-Through Entity Name (if applicable)
Pass-Through FEIN
Tax Period Ending Date
1.
Total number of E85 gasoline gallons sold in Iowa during the tax year ........
1.
2.
Tax credit rate per gallon is $0.16 (sixteen cents) .......................................
2.
x $0.16
3.
Multiply line 1 by line 2. Enter on Part II of the IA 148 Tax Credits
Schedule .......................................................................................
3.
4.
Pass-through E85 Gasoline Promotion Tax Credit from partnership, LLC,
S corporation, estate, or trust. Enter on Part II of the IA 148 Tax Credits
Schedule and complete Part IV ...................................................................
4.
Instructions
An E85 Gasoline Promotion Tax Credit is
member’s share of the earnings of the entity to
available to retail dealers of gasoline who
the entity’s total earnings. Show on Schedule
operate motor fuel pumps at a retail motor fuel
K-1, or on an attachment to Schedule K-1, the
site in Iowa. Tank wagons are considered retail
credit for each member and instruct the members
motor fuel sites. To qualify for the tax credit,
to report the apportioned credit on line 4 of form
retail dealers must sell E85 gasoline, which is
IA 135 and include it with their tax returns.
ethanol blended gasoline formulated with a
If the taxpayer has received any pass-through
minimum percentage between 70% and 85%
E85 Gasoline Promotion Tax Credit from a
by volume of ethanol. A taxpayer may claim the
partnership, LLC, S corporation, estate, or
E85 Gasoline Promotion Tax Credit even if the
trust, indicate that amount on line 4. Individuals
taxpayer claims the Ethanol Promotion Tax
and C corporations must enter the amount on Part
Credit for the same ethanol gallons.
II of the IA 148 Tax Credits Schedule, using tax
The credit equals sixteen cents multiplied by
credit code 55, and provide the pass-through
the total number of gallons of E85 gasoline
name and FEIN in Part IV of the IA 148 Tax
sold during the tax year. Individuals and C
Credits Schedule.
corporations must claim the tax credit on the IA
File a separate IA 135 for each pass-through
148 Tax Credits Schedule in Part II using tax
E85 Gasoline Promotion Tax Credit
received.
credit code 55.
Also list the claims separately on Part II of the
If the taxpayer is a partnership, LLC, S
IA 148 Tax Credits Schedule, providing each
corporation, estate, or trust, this form must be
pass-through name and FEIN in Part
IV.
completed and included with the Iowa tax
Any credit in excess of tax liability can be
return. The credit must be allocated to the
refunded or credited to tax liability for the
individual members in the ratio of each
following year.
IA 148 Tax Credits Schedule must be completed.
41-150 (07/24/14)
*1441150019999*

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