IRS: Treat 2014 Fuel Tax Credits as If They Hadn't Expired

The IRS said taxpayers claiming biodiesel mixture and alternative fuel credits (including natural gas) against 2014 tax liability should treat the credits as though they had never expired, Bloomberg reported.

In Notice 2015-56, issued Aug. 14, the Internal Revenue Service said a claimant must reduce its tax code Section 4081 excise tax liability for each 2014 calendar quarter by its biodiesel mixture credit attributable to a mixture sold or used during that quarter. The same applies to Section 4041 excise tax liability and the alternative fuel credits, Bloomberg said.

This new guidance amplifies earlier Notice 2015-3, which outlined the process for making one-time claims for payments for retroactively extended tax credits. These streamlined procedures require that all claims for 2014 biodiesel and alternative fuel incentives are submitted on a single Form 8849, Claim for Refund of Excise Taxes, the notice said (12 DTR G-4, 1/20/15), Bloomber reported.

The reductions apply whether or not a claimant's taxable year ended before the credit renewal was enacted, the IRS said in Notice 2015-56, which is to appear in Internal Revenue Bulletin 2015-35, dated Aug. 31.

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