• Government Now Accepting Claims for 2018, 2019 BTC

  • Government Now Accepting Claims for 2018, 2019 BTC

    Federal paperwork is now available for those seeking to claim the retroactive
    biodiesel tax credit recently approved for 2018 and 2019.

    In a note to members, the Petroleum Marketers Association of America provided
    information on how to apply for the credit of $1/gal for biodiesel blenders.

    When approving the retroactive credit, U.S. lawmakers also extended the
    biodiesel program through 2022 and the alternative fuel mixture credits through
    2020.

    According to the notice, the BTC must first be taken as a credit against any
    outstanding federal motor fuel excise tax liability. Any excess may be taken as
    a refund payment, PMAA said.

    Alternatively, the credit may be taken as either a refundable or nonrefundable
    tax credit on an annual income tax filing, the PMAA said.

    The filing period for the credit continues through Aug. 11. All retroactive BTC
    claims must be filed together on one claim form and can't be made with any
    other claim for biodiesel blends created after 2019, according to the PMAA
    notice.

    --Reporting by Steve Cronin; editing by Barbara Chuck, bchuck@opisnet.com




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