On August 18, 2015, the Internal Revenue Service (IRS) released a notice containing tax code information for 2014 biodiesel tax credits. The focus of the notice is the treatment of credits under Internal Revenue Code Section 6426(c) and (d) that allow a biodiesel blender to claim a credit against tax liability. Generally, the tax liability is in the form of excise taxes imposed by Sections 4041 and 4081 and is reported on Form 720,Quarterly Federal Excise Tax Return, and the Section 6426 credits are claimed on Schedule C (Form 720),Claims. The IRS notice informs claimants about the federal income tax treatment of these credits and illustrates the application of the income tax treatment for claimants.
- Bergeson & Campbell, P.C.
- IRS Releases Guidance On Income Tax Treatment Of 2014 Biodiesel ...
Polishing of municipal secondary effluent using native microalgae consortia
This work evaluates the use of native microalgae consortia for a dual role: polishing treatment of municipal wastewater effluents and microalgae biomass feedstock potential for biodiesel or biofertilizer production. An initial screening was undertaken to test N and P removal from secondary effluents and biomass production by 12 consortia. A subsequent treatment was performed by selected consortia (01 and 12) under three operational conditions: stirring (S), S + 12 h of daily aeration (S + A) and S + A enriched...
Extension of New York’s Clean Heating Fuel Tax Credit
The New York State Clean Heating Fuel Tax Credit has been extended through 2020. The personal income tax credit, which was initially authorized in 2006, is provided to eligible taxpayers for biodiesel purchases used for residential space and water heating. For each percent of biodiesel blended with conventional home heating oil, a tax credit of $0.01/gallon is available up to a maximum of $0.20/gallon. A partial credit will be calculated for buildings with a shared oil storage tank for residential and non-residenti...
Guide to Measuring Biofuel Blending
As the global commitment to renewable energy sources grows, the importanceof using biodiesel as a blending component with diesel fuel has increased.Biodiesel consists of fatty acid methyl esters (FAME) which are produced by thetransesterification of certain feedstock oils, such as soy, rapeseed, canola, and others.The biodiesel is then blended with diesel fuel at amounts required by the regulatoryagencies of different countries. It is important for fuel terminals and distributors, aswell as regulatory agencies,...
EPA Releases Proposed Rule On Renewables Enhancement And Growth Support
On October 3, 2016, the U.S. Environmental Protection Agency (EPA) released the proposed Renewables Enhancement and Growth Support Rule. This proposed rule includes suggestions to improve the Renewable Fuel Standard (RFS) program and related pro-renewable fuel regulations. Updated regulations included in the proposed rule include allowing biofuel producers to process feedstock and then convert the material into fuels at different facilities, and an expansion to the availability of high-ethanol fuel blends. The...
DC Water Taps Into Biodiesel’s Sustainability Benefits
Sustainability is more than a buzzword at DC Water. Ingrained throughout the agency, sustainability is in high gear at DC Water’s fleet division where biodiesel fuel powers all 230-diesel vehicles, and emissions are closely monitored. “Biodiesel just makes sense,” said Timothy Fitzgerald, Director Fleet Management for DC Water. “We switched to biodiesel in 2007 and have never looked back. It can be used in existing diesel engines, reduces emissions, and our drivers notice a big difference...