Iowa E15 Plus Gasoline Promotion Tax Credit
The Iowa E15 Plus Gasoline Promotion Tax Credit (Form IA 138) is designed to support businesses that sell E15 gasoline, a blend containing 15% ethanol, in Iowa. This credit is part of the state’s initiative to promote the use of renewable fuels and support local fuel retailers.
Eligibility and Purpose
- Available to businesses that sell E15 gasoline at retail in Iowa.
- Intended to encourage the production and sale of renewable fuel blends.
- Claimed as a tax credit on the Iowa state income tax return.
How to Claim the Credit
To claim the Iowa E15 Plus Gasoline Promotion Tax Credit, follow these steps within the Online Taxes (OLT) software:
- From within your tax return (Online), click on State in the left menu (or tap the three dots in the top-right corner for mobile devices).
- Select Start or Revisit Iowa state.
- Under the Credits section, choose IA 138 - E15 Plus Gasoline Promotion Tax Credit.
- Click Save & Continue Return.
- Follow the on-screen instructions to complete the form.
Required Information
When filing Form IA 138, you will need to provide:
- Your business name and Federal Employer Identification Number (FEIN).
- Total gallons of E15 gasoline sold at retail in Iowa during the tax year.
- Any applicable pass-through entity information, if applicable.
Important Notes
- This credit is only available for E15 gasoline sold in Iowa.
- The credit is claimed on your Iowa state tax return and is not available for federal tax purposes.
- Ensure all information entered is accurate to avoid processing delays or audits.
Source:
Form IA 138 - E15 Plus Gasoline Promotion Tax Credit
Disclaimer: Always verify details with official Federal or State Department of Revenue Forms and Instructions.