Second Generation Biofuel Credit
Credit of $1.01 per gallon for producing cellulosic biofuel from qualifying non-food feedstocks.
Estimate Your Savings
This is a simplified estimate. Actual savings depend on your complete tax situation.
Eligibility
Producers of cellulosic biofuel
Requirements
- 1Must produce from qualifying feedstock
- 2$1.01 per gallon
- 3EPA registered facility
Required Tax Forms
Understanding the Second Generation Biofuel Credit
Credit of $1.01 per gallon for producing cellulosic biofuel from qualifying non-food feedstocks.
Tax credits directly reduce the amount of tax you owe, making them more valuable than deductions which only reduce taxable income. On average, taxpayers save approximately $8,000 with this credit.
To claim this credit, you will need to file Form 6765 with your annual tax return. Make sure you meet all eligibility requirements and keep documentation of qualifying expenses or activities.
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Frequently Asked Questions
What is the Second Generation Biofuel Credit?
Credit of $1.01 per gallon for producing cellulosic biofuel from qualifying non-food feedstocks.
How much is the Second Generation Biofuel Credit worth?
The average savings from the Second Generation Biofuel Credit is approximately $8,000 per year, depending on your specific situation.
Who is eligible for the Second Generation Biofuel Credit?
Producers of cellulosic biofuel. Key requirements include: Must produce from qualifying feedstock; $1.01 per gallon; EPA registered facility.
What forms do I need to claim the Second Generation Biofuel Credit?
You will need to file Form 6765 with your tax return to claim this credit.
Is the Second Generation Biofuel Credit refundable?
Most business and energy tax credits are nonrefundable but can be carried forward to future tax years.
Can I claim the Second Generation Biofuel Credit with other tax credits?
Yes, in most cases you can claim the Second Generation Biofuel Credit along with other eligible tax credits. However, some credits have interactions that may reduce the benefit. Consult a tax professional for your specific situation.