IRS Extends Biodiesel, Alt Fuels Deadlines

John Davis

IRSlogo3Want to feel good about Internal Revenue Service this time of year? Well, maybe you won’t be doing the wave for tax collectors, but the IRS is helping out those filing tax credit claims for biodiesel mixtures and alternative fuels sold or used in 2012. Biodiesel Magazine explains that several fuel tax credits, including the cellulosic biofuel producer credit, the biodiesel mixture credit, the alternative fuels credit and the alternative fuel mixtures credit, expired at the end of 2011. But with the passage of the deal on January 2 this year that extended those 2012 credits retroactively, if eligible, you’ll have until July 1 to file for them:

The deadline for filing claims for certain refundable excise tax credit payments had already passed before the [American Taxpayer Relief Act] was enacted. Such claims generally are due by the end of the first quarter following the earliest quarter of the claimant’s income tax year included in the claim. For example, a calendar-year taxpayer’s claim for biodiesel mixtures sold in June and July 2012 ordinarily would have been due by Sept. 30, 2012 (the end of the third quarter, which is the first quarter following the earliest quarter included in the claim). Earlier this year, the IRS released FAQs on its website that explained the procedural requirements for claiming the income tax and excise tax credits in light of ATRA. The FAQs did not extend the filing deadlines for claiming the refundable excise tax credits.

More information is available in IRS issued Notice 2013-26.

Biodiesel, Cellulosic, Government