Fillable Form Ia 138 - E15 Plus Gasoline Promotion Tax Credit

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Iowa Department of Revenue

2012 IA 138

E15 Plus Gasoline Promotion Tax Credit

This is not a motor fuel tax credit or refund form. It is an income tax form. Enclose this form with

your Iowa individual or corporation income tax return.

Name(s)

SSN or FEIN

Pass-through entity (if applicable). Attach a list if multiple pass-through entities. Pass-through FEIN

Tax Period Ending

1. Total number of gallons of E15 Plus gasoline sold through motor fuel pumps in

Iowa during the tax year................................................................................................ 1.

2. Rate .03 (three cents).................................................................................................... 2.

x $0.03

Multiply line 1 by line 2. Enter on Part II of the IA 148 Tax Credits Schedule.......

4. Pass-through E15 Plus Gasoline Promotion Tax Credit from partnership, LLC,

S corporation, estate, or trust. Enter on Part II and Part IV of the

IA 148 Tax Credits Schedule ........................................................................................4.

Instructions

An E15 Plus Gasoline Promotion Tax Credit is available to retail dealers of gasoline who operate motor fuel pumps

at a retail motor fuel site. Tank wagons are considered retail motor fuel sites. To qualify for the tax credit, retail

dealers must sell E15 Plus gasoline, which is ethanol blended gasoline formulated with a minimum percentage of

between 15 and 69% by volume of ethanol. A taxpayer may claim the E15 Plus Gasoline Promotion Tax Credit

even if the taxpayer claims the Ethanol Promotion Tax Credit for the same ethanol gallons.

The amount of credit is three cents multiplied by the total number of gallons of E15 Plus gasoline sold during the

tax year.

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.

If the taxpayer has received any pass-through E15 Plus Gasoline Promotion Tax Credit from a partnership, LLC,

S corporation, estate, or trust, indicate that amount on line 4. Also enter the amount on Part II of the IA 148 Tax

Credits Schedule, providing the pass-through name and FEIN in Part IV of the IA 148 Tax Credits Schedule. If the

taxpayer has received multiple pass-through E15 Plus Gasoline Promotion Tax Credit claims, sum all claims and

enter on line 4, but list the claims separately on Part II of the IA 148 Tax Credits Schedule, providing each pass-

through name and FEIN in Part IV.

Any credit in excess of the tax liability can be refunded. In lieu of the refund, the taxpayer may elect to have the

overpayment credited to the tax liability for the following year.

The IA 148 Tax Credits Schedule must be completed.

*1241152019999*

41-152 (10/01/12)

Form Ia 138 - E15 Plus Gasoline Promotion Tax Credit - 2012