Form Ia 135 - E85 Gasoline Promotion Tax Credit - 2012

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Iowa Department of Revenue
2012 IA 135
E85 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).
Pass-through FEIN
Attach a list if multiple pass-through entities.
Tax Period Ending
1. Total number of gallons of E85 gasoline sold during the tax year................................1.
2. Rate .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,
4.
S corporation, estate, or trust. Enter on Part II and Part IV of the IA 148...................
Instructions
An E85 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 E85 gasoline, which is ethanol blended gasoline formulated with a minimum percentage of
between 70 and 85% by volume of ethanol. A taxpayer may claim the E85 Gasoline Promotion Tax Credit even
if the taxpayer claims the Ethanol Promotion Tax Credit for the same ethanol gallons.
The amount of credit is sixteen cents multiplied by the total number of gallons of E85 gasoline sold during
the tax year.
If the taxpayer is a partnership, LLC, 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 E85 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 E85 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.
*1241150019999*
41-150 (09/27/12)

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