Form Bfc - Virginia Biodiesel And Green Fuel Producers Tax Credit Form And Instructions Page 2
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2Virginia Biodiesel and Green Fuel Producers
Form
BFC
Tax Credit Form Instructions
Purpose of Form
A credit is available for Virginia biodiesel and green diesel fuel producers who produce up to 2 million gallons
of fuel per year. This credit is only available during the first 3 years of production. Corporate and individual
taxpayers may claim a nonrefundable credit against their tax liability for the production of these fuels.
Form BFC is used to make a claim to the Virginia Department of Taxation for a Biodiesel and Green Diesel Fuel
Producers Tax Credit after the Department of Mines, Minerals, and Energy has certified that you have satisfied
all the requirements of Va. Code § 58.1-439.12:02.
The amount of the credit is $0.01 per gallon, not to exceed $5,000 annually. Any credit not used for the taxable
year may be carried over to the next 3 taxable years. The amount of the credit allowed cannot exceed the tax
liability for the taxable year the credit is being claimed.
The amount of the credit attributable to a partnership, electing small business corporation (S corporation), or
limited liability company must be allocated to the individual partners, shareholders, or members in proportion
to their ownership or interest within the business entity using Form PTE.
The credit may be transferred to another taxpayer. The transfer of the credit must be completed before the end
of a taxable year in order to use the credit for that taxable year.
Definitions
“Biodiesel fuel” means a fuel composed of mono-alkyl esters of long-chain fatty acids derived from vegetable
oils or animal fats, designated B100, and meeting the requirements of ASTM D6751.
“Green diesel fuel” means a fuel produced from nonfossil renewable resources including agricultural or
silvicultural plants, animal fats, residue and waste generated from the production, processing, and marketing
of agricultural products, silvicultural products, and other renewable resources, and meeting applicable ASTM
specifications.
“Feedstock” means the agricultural or other renewable resources, whether plant or animal derived, used to
produce biodiesel or green diesel fuels.
“Producer” means any person, entity, or agricultural cooperative association, as defined in the Agricultural
Cooperative Association Act that, in a calendar year, produces in the Commonwealth up to 2 million gallons of
biodiesel or green diesel fuels using feedstock originating domestically within the United States.
When to Submit Form BFC
To avoid delays in the processing of your annual return, Form BFC should be submitted to the Department
within 90 days of the credit origination or the transfer of the credit, but at least 60 days before you file your
annual return to claim the credit.
Attachment Requirements
Attach a copy of the certificate issued by the Department of Mines, Minerals and Energy.
Where to Submit Form BFC
Mail your completed Form BFC to:
For Assistance:
Virginia Department of Taxation
(804) 786-2992
Tax Credit Unit
PO Box 715
Richmond, VA 23218-0715
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