Fillable Form Ia 135 - Iowa E85 Gasoline Promotion Tax Credit

Iowa Department of Revenue

https://tax.iowa.gov

2015 IA 135

Iowa E85 Gasoline Promotion Tax Credit

Name(s)

SSN or FEIN

Pass-Through Entity (if applicable)

Pass-Through FEIN

Tax Period Ending Date

1. Total number of E85 gasoline gallons sold at retail in Iowa during the tax year . 1.

2. Tax credit rate per gallon is $0.16 (sixteen cents) .............................................. 2.

x $0.16

3. Multiply line 1 by line 2. Enter in column K of Part II on the IA 148 Tax

Credits Schedule ................................................................................................ 3.

4. Pass-through E85 Gasoline Promotion Tax Credit from partnership, LLC,

S corporation, estate, or trust. Enter in column K of Part II on the IA 148 Tax

Credits Schedule and complete Part IV on the IA 148 ....................................... 4.

Instructions

An E85 Gasoline Promotion Tax Credit is

individual members in the ratio of each

available to retail dealers of gasoline who

member’s share of the earnings of the entity to

operate fuel pumps at an Iowa retail fuel site.

the entity’s total earnings. On Schedule K-1 or

Tank wagons are considered retail fuel sites.

on an attachment to Schedule K-1, report the

To qualify for the tax credit, retail dealers must

tax credit for each member and instruct the

sell E85 gasoline, which is ethanol blended

members to report the apportioned tax credit

gasoline

formulated

with

minimum

on line 4 of form IA 135 and include it with their

percentage between 70% and 85% by volume

tax returns.

of ethanol. A taxpayer may claim the E85

If the taxpayer has received any pass-through

Gasoline Promotion Tax Credit even if the

E85 Gasoline Promotion Tax Credit from a

taxpayer claims the Ethanol Promotion Tax

partnership, LLC, S corporation, estate, or

Credit (Form IA 137) for the same ethanol

trust, indicate that amount on line 4. Also enter

gallons.

the amount in column K of Part II on the IA 148

The tax credit equals sixteen cents multiplied

Tax Credits Schedule; use tax credit code 55 in

by the total number of gallons of E85 gasoline

column I. Provide the pass-through name in

sold during the tax

year. Provide your name,

column M and FEIN in column N of Part IV on

SSN or FEIN, and tax period ending date.

the IA 148 Tax Credits Schedule.

Individuals and C corporations must report the

File a separate IA 135 for each pass-through

tax credit claim in column

K of Part II

on the IA

E85 Gasoline Promotion Tax Credit

received.

148 Tax Credits

Schedule; use tax credit code

Also list the claims separately on Part II of the

55 in column I.

IA 148 Tax Credits Schedule, providing each

the retailer

is a partnership, LLC, S

pass-through name and FEIN in Part

IV.

corporation, estate, or trust, this form must be

Any tax credit in excess of tax liability can be

completed and included with the Iowa tax

refunded or credited to tax liability for the

return. The tax credit must be allocated to the

following year.

IA 148 Tax Credits Schedule must be completed.

41-150 (06/19/15)

Form Ia 135 - Iowa E85 Gasoline Promotion Tax Credit - 2015

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