The Internal Revenue Service (IRS) Issued Income and Excise Tax Credits for Biodiesel and Cellulosic Biofuels

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The Internal Revenue Service issued in late November Notice 2008-110, providing guidance regarding the income and excise tax credits for biodiesel and cellulosic biofuels under sections 40A, 6426 and 6427(e) of the Internal Revenue Code.

Regarding biodiesel, the notice details changes made to the biodiesel and biodiesel mixture tax incentives resulting from the revision of the ASTM D 6751 standard for biodiesel. To claim these incentives, taxpayers must generally obtain from the biodiesel producer a certificate that identifies the product, and the percentage of “biodiesel and agri-biodiesel” contained within the product, according to Stoel Rives LLP. In order to complete the required certificate, the producer must certify, among other things, that the biodiesel meets ASTM D 6751 requirements. Effective Oct. 13, 2008, ASTM revised this standard by adding a cold soak filtration test for biodiesel.

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