April 15th is coming and the IRS has got your biofuel tax information ready
If you're the Ned Flanders type who just loves to get your taxes done early, we've got the post for you. The IRS has prepared a document on the changes to the tax code that biodiesel and cellulosic biofuel producers need to be aware of. If you know that ASTM D 6751 biodiesel standard was revised, but don't know what the revision means for you, then you should download the paper (PDF). As for cellulosic biofuels, some producers can get an income tax credit if the fuel meets the requirements of section 211 of the Clean Air Act. This credit applies to fuels made after Dec. 31 (next week) and sold before the end of 2012.
[Source: IRS via Domestic Fuel]
Reader Comments (Page 1 of 1)
gorr 3:10PM (12/27/2008)
As i said months ago, only green algae fuel make sence because his feedstock is pollutant like co2 or sewage water. It's not surprising that it's the only biofuel that is not produced commercially whatsoever because the entire economy of the u.s.a and the rest of the world is in the hands of a mad man that explode his own buildings and say that it's somebody else that did the jobs.
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Jason 10:20AM (1/02/2009)
This document has little to do with taxes. From the biodiesel side, it is saying that although the new ASTM standard took effect in October, the IRS is cutting us a break - you can still produce fuel that conforms to the old standard through April 2009. This is great because the new standard is tougher, with a new cold flow test and an oxidative stability test.
The paper doesn't go much into detail about "what the new standard means to you", but does provide this one important piece of information.
it also defines what cellulosic ethanol is by describing the type of process that must be used to produce it. This is important because everyone wants credit for making "advanced" biofuels - it gets more tax credit and more renewable energy credits "RINs"...
A better title would be "IRS defines cellulosic ethanol and delays enforcement of new biodiesel specification until April 2009"
Jason Burroughs, DieselGreen Fuels
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