Form Ia 138 - Iowa E15 Plus Gasoline Promotion Tax Credit - 2014 Page 2
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2E15 Plus Gasoline Promotion Tax Credit Instructions
An E15 Plus Gasoline Promotion Tax Credit is
completed and included with the Iowa tax
available to retail dealers of gasoline who
return. The credit must be allocated to the
operate motor fuel pumps at a retail motor fuel
individual members in the ratio of each
site. Tank wagons are considered retail motor
member’s share of the earnings of the entity to
fuel sites. To qualify for the tax credit, retail
the entity’s total earnings. Show on Schedule
dealers must sell E15 Plus gasoline, which is
K-1, or on an attachment to Schedule K-1, the
ethanol blended gasoline formulated with a
credit for each member and instruct the members
minimum percentage between 15% and 69%
to report the apportioned credit on line 10 of
by volume of ethanol. A taxpayer may claim the
form IA 138 and include it with their tax
E15 Plus Gasoline Promotion Tax Credit even
returns.
if the taxpayer claims the Ethanol Promotion
If the taxpayer has received any pass-through
Tax Credit for the same ethanol gallons.
E15 Plus Gasoline Promotion Tax Credit from a
For tax years beginning on or after January 1,
partnership, LLC, S corporation, estate, or
2014, the credit equals three cents multiplied
trust, indicate that amount on line 10. Also
by the total number of gallons of E15 Plus
enter the amount on Part II of the IA 148 Tax
gasoline sold between January 1 and May 31
Credits Schedule, using tax credit code 65, and
and
E15
Plus
gasoline
sold
between
provide the pass-through name and FEIN in
September 16 and December 31. The credit
Part IV of the IA 148 Tax Credits Schedule.
equals ten cents for E15 Plus gasoline sold
File a separate IA 138 for each pass-through
between June 1 and September 15.
E15 Plus Gasoline Promotion Tax Credit
Lines 1c, 1d, and 5b only apply to fiscal-year
received. Also list the claims separately on
filers.
Part II of the IA 148 Tax Credits Schedule,
providing each pass-through name and FEIN in
Individuals and C corporations must claim the
Part
IV.
tax credit on the IA 148 Tax Credits Schedule
in Part II, using tax credit code 65.
Any credit in excess of tax liability can be
refunded or credited to tax liability for the
If the taxpayer is a partnership, LLC, S
following year.
corporation, estate, or trust, this form must be
41-152b (07/30/14)
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