KPMG LLP (KPMG) professionals provide the latest insight on possible excise tax incentives that might be available for companies engaged in qualifying fuel blending activities.
Claiming Retroactively Reinstated Renewable Fuel Incentives
Renewable fuel incentives have been retroactively reinstated and taxpayers may make a one-time claim related to biodiesel mixtures and alternative fuels sold for use or used during calendar years 2018 and 2019. Current claims for qualifying fuel may be made as often as weekly during 2020. This article discusses the one-time claim rules and other renewable fuel incentives available to taxpayers.