• IRS Issues Guidance On Claim Process For Retroactive Biodiesel Blender Credit

  • IRS Issues Guidance On Claim Process For Retroactive Biodiesel Blender Credit

    PMAA Compliance Bulletin
    IRS ISSUES GUIDANCE ON CLAIM PROCESS FOR RETROACTIVE BIODIESEL BLENDER CREDIT;
    REVISED FORM 8849 SCHEDULE 3 NOW AVAILABLE
    February 18, 2020
     
    PMAA CONTACT: Mark S. Morgan Regulatory Counsel @ mmorgan@pmaa.org,  (202) 364-6767
    UPDATE: FEBRUARY 17, 2020:

    The IRS has issued a revised IRS Form 8849 Schedule 3 needed to file the one-time retroactive biodiesel credit claim for blends created during calendar years 2018 and 2019. Click here: (8849 Schedule 3 Rev. Feb. 2020) for a copy of the updated form. The form is also available at irs.gov under “forms and publications”.
    The IRS has issued special one-time claim procedure (IRS Notice 2020-8) for the $1.00 per gallon biodiesel blender credit, the 50 cents per gallon alternative fuel and alternative fuel mixture credits. The credits were reinstated retroactively for calendar years 2018 and 2019 under the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the Act).

    The special procedures allow for one-time credits and payments covering the entire 2018 and 2019 claim period. Congress reauthorized the retroactive biodiesel blenders credit through December 31, 2022 and alternative fuel and the alternative fuel mixture credits through December 31, 2020.

    Click here to read the full PMAA Compliance Bulletin

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