One-Time Fuel Credit Claims Begin April 2 for 180 Days

The IRS recently released Notice 2018-21 that provides, among other things, guidance to taxpayers regarding the Biodiesel Mixture Credit, the Alternative Fuel Credit and the Alternative Fuel Mixture Credit, all of which expired at the end of 2016. The Bipartisan Budget Act, passed February 8, retroactively reinstates those credits from January 1 through December 31, 2017.

The notice specifies that taxpayers must use the one-time claim process for the Biodiesel Mixture Credit or the Alternative Fuel Credit by filing Form 8849 (Claim for Refund of Excise Taxes) and include Schedule 3 (Certain Fuel Mixtures and the Alternative Fuel Credit). Importantly, all claims must be made on a single Form 8849.

Similarly, taxpayers claiming the Alternative Fuel Mixture Credit for 2017 should complete a Form 720X (Amended Quarterly Federal Excise Tax Return). Outside of these instances, all filers should continue to use the traditional forms (e.g., the Form 4136, et al) associated with other tax credits.

The claim period for all credits begins on April 2, 2018, with claims for the Biodiesel Mixture Credit and Alternative Fuel Credit required by September 29. Claims for the Alternative Fuel Mixture Credit must generally be made from the later of (a) three years from the time the return was filed, or (b) two years from the time the tax was paid.

If you have questions about these credits or any other fuel credit issues, please contact a Schneider Downs. To view similar articles, visit the Our Thoughts On blog.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2022 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

our thoughts on
Automobile, Tax BY Steven Barber
The FTC Safeguards Rules Are Extended to June 9, 2023
A Sigh of Relief for Beneficiary IRA Owners
401(k) Plans, Tax BY Luke Dovell
Want More Money? Start Investing Early
IRS Gave the Gift of Higher Estate and Gift Tax Limits for 2023
Automobile, Tax BY Michael Conroy
Electric Vehicle Tax Credit
State Tax Considerations in a Remote Environment
Register to receive our weekly newsletter with our most recent columns and insights.
Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us
contact us

This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.

×