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Old 08-20-2006, 11:24 AM
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Bio Diesel Fuel Credit

Found this info in another forum. Has anyone ever used it with their taxes?
http://www.irs.gov/pub/irs-pdf/f8864.pdf
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Old 08-20-2006, 05:28 PM
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[QUOTE=Chance_Thomas]Found this info in another forum. Has anyone ever used it with their taxes?
http://www.irs.gov/pub/irs-pdf/f8864.pdf[/QUOTE]

You can only claim the credit if your biodiesel supplier passes it on to you, OR, If you make Biodiesel and sell it as a blend you can claim the credit, but only if you join the National Biodiesel Board [ $5,000 per year! ]

The credit is not for "home-brewers", sorry..............

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Old 08-20-2006, 08:08 PM
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Why would anyone use it? You would then be subjecting yourself to paying the 24.4 c gallon fed excise tax.
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Old 08-20-2006, 09:58 PM
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i've heard somthing like, for every % of bio you use you get that many cents off per gallon as tax credit. example b20 would be a 20cent credit for every gallon of b20 you bought that calander year and b99 would be a 99cent credit, etc. Not sure if its true, and haven't really looked into it but got that impression from some people i talked too. Has anyone else heard this? I don't want to spread a rumor. As of now I try to keep all my reciepts when i buy BIO just in case.
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Old 08-21-2006, 07:25 AM
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See post #2 above............YOU CAN'T USE THE CREDIT!


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Old 08-21-2006, 07:25 AM
 
 
 
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