IRS Releases Guidance On Income Tax Treatment Of 2014 Biodiesel Mixture Credits

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Courtesy of Bergeson & Campbell, P.C.

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.

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