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I was reading somewhere about buying BIO you could write off on taxes. Can someone shed some light on this tax break.
The only tax break available is the one to blenders. it is only available to commercial Blenders, which costs $$$$$$$$.
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i know that if you use your truck for business your fuel expenses can be a write off when it comes down to tax time. lets say you use your truck for business and use commercially produced bio diesel fuel in your truck, can you write off your fuel expense? assume that every thing is legit and you keep track of milage and reciepts for bio. I would think it wouldn't matter what kind of fuel you use, petro or bio, but there are always technicalities in the law. Am I correct, can you write off bio diesel for business trucks?
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Adam...I'm sure BD can be an expense write-off just like any other fuel for a business.
I haven't found any way BD can be used for additional tax credits or write-offs for business or personal users...darn it!! People get incentives for hybrid cars...why not for using BD use?? At least until this country gets alternative fuels going well and the prices are more competitive to petro fuels. Can't imagine the petroleum industry allowing that to happen, though.
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