On August 18, 2015, the Internal Revenue Service (IRS) released a notice containing tax code information for 2014 biodiesel tax credits. The focus of the notice is the treatment of credits under Internal Revenue Code Section 6426(c) and (d) that allow a biodiesel blender to claim a credit against tax liability. Generally, the tax liability is in the form of excise taxes imposed by Sections 4041 and 4081 and is reported on Form 720,Quarterly Federal Excise Tax Return, and the Section 6426 credits are claimed on Schedule C (Form 720),Claims. The IRS notice informs claimants about the federal income tax treatment of these credits and illustrates the application of the income tax treatment for claimants.
- Bergeson & Campbell, P.C.
- IRS Releases Guidance On Income Tax Treatment Of 2014 Biodiesel ...
RICanada welcomes Quebec Renewable Fuel Volume Requirements
Renewable Industries Canada (RICanada), a principal stakeholder representing Canadian producers of clean-burning renewable fuels, announced that the Quebec Government’s 2017-2020 Action Plan under the 2030 Energy Policy included, for the first time, renewable fuel volume requirements for fuels such as ethanol and biodiesel. The renewable fuel blending requirement was set at 5% for gasoline and 2% diesel and is expected to increase after 2020. RICanada stated that the “announcement on renewable...
Assessing biodiesel quality parameters for wastewater grown Chlorella sp.
Microalgae are reported as the efficient source of renewable biodiesel which should be able to meet the global demand of transport fuels. Present study is focused on assessment of wastewater grown indigenous microalga Chlorella sp. for fuel quality parameters. This was successfully grown in secondary treated waste water diluted with tap water (25% dilution) in glass house. The microalga showed a dry weight of 0.849 g L−1 with lipid content of 27.1% on dry weight basis on 21st day of incubation. After transesterific...
Polishing of municipal secondary effluent using native microalgae consortia
This work evaluates the use of native microalgae consortia for a dual role: polishing treatment of municipal wastewater effluents and microalgae biomass feedstock potential for biodiesel or biofertilizer production. An initial screening was undertaken to test N and P removal from secondary effluents and biomass production by 12 consortia. A subsequent treatment was performed by selected consortia (01 and 12) under three operational conditions: stirring (S), S + 12 h of daily aeration (S + A) and S + A enriched...
Extension of New York’s Clean Heating Fuel Tax Credit
The New York State Clean Heating Fuel Tax Credit has been extended through 2020. The personal income tax credit, which was initially authorized in 2006, is provided to eligible taxpayers for biodiesel purchases used for residential space and water heating. For each percent of biodiesel blended with conventional home heating oil, a tax credit of $0.01/gallon is available up to a maximum of $0.20/gallon. A partial credit will be calculated for buildings with a shared oil storage tank for residential and non-reside...
Guide to Measuring Biofuel Blending
As the global commitment to renewable energy sources grows, the importance of using biodiesel as a blending component with diesel fuel has increased. Biodiesel consists of fatty acid methyl esters (FAME) which are produced by the transesterification of certain feedstock oils, such as soy, rapeseed, canola, and others. The biodiesel is then blended with diesel fuel at amounts required by the regulatory agencies of different countries. It is important for fuel terminals and distributors, as well as regulatory...