IRS publishes guidance on claiming 2018-’19 biodiesel tax credit

By Ron Kotrba | January 16, 2020

The Internal Revenue Service published guidance Jan. 15 for companies seeking to claim the biodiesel and renewable diesel tax credit for 2018 and 2019.

The $1 per gallon tax credit expired Jan. 1, 2018, and remained expired until Dec. 20, 2019, when President Trump signed spending legislation into law that included reinstatement of the incentive. The biodiesel tax credit was reinstated retroactively from its expiration Jan. 1, 2018, through Dec. 31, 2022.

The IRS is providing a 180-day period for companies to claim retroactive tax credits, beginning Feb. 14 and ending Aug. 11. Retroactive claims received after Aug. 11 will not be processed by the IRS.

Companies are directed to submit claims for 2018 and 2019 biodiesel and alternative fuel incentives on Form 8849, Claim for Refund of Excise Taxes. All claims for both 2018 and 2019 should be submitted on a single form and should include a completed Schedule 3: Certain Fuel Mixtures and the Alternative Fuel Credit.

The IRS is expected to pay claims within 60 days of filing. If IRS does not pay a claim that conforms to the notice’s instructions within the 60 days, it will pay the claim with interest.

For more information, including IRS contacts for questions on making claims, see the IRS guidance published Jan. 15.

 
 
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