Written on: January 20, 2020 by ICM
On Jan. 16, the IRS issued a special one-time claim procedure for the $1.00 per gallon biodiesel blender credit, the $0.50 per gallon alternative fuel and alternative fuel mixture credits. The credits were reinstated retroactively for the calendar years of 2018 and 2019 under the Taxpayer Certainty and Disaster Tax Relief Act of 2019. 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 Dec. 31, 2022 and alternative fuel and the alternative fuel mixture credits through Dec. 31, 2020.
For the complete Compliance Bulletin, visit the Petroleum Marketers Association of America (PMMA) website at: pmaa.org/compliancebulletin/attachments/Biodiesel_tax_compliance.pdf.