×
tax forms found in
Tax Form Code
Tax Form Name

Maine Free Printable  for 2022 Maine Biofuel Commercial Production and Commercial Use Credit

It appears you don't have a PDF plugin for this browser. Please use the link below to download 2021-maine-biofuel-and-use-credit.pdf, and you can print it directly from your computer.

Biofuel Commercial Production and Commercial Use Credit
Biofuel and Use Credit

Clear Print Biofuel Commercial Production and Commercial Use Tax Credit Worksheet for Tax Year 2021 36 M.R.S. § 5219-X Enclose with your Form 1040ME, Form 1041ME or Form 1120ME. Taxpayer Name:___________________________________________________ EIN/SSN: ________________________ Note: In the case of pass-through entities (such as partnerships, LLCs, S corporations, and trusts) making an eligible investment, see instructions. Enter name and ID number of the entity on the lines below. Name of Pass-through Entity ________________________________________________________________ EIN/SSN _____________________________ 1. Maine taxable income generated from the production of certified biofuel........................................1.________________ 2. Applicable tax rate on Maine taxable income (see instructions)......................................................2.___ . __ __ __ __ __ 3. Tax liability related to credit (line 1 x line 2).....................................................................................3.________________ 4. Gallons of biofuel eligible for the credit............................................................................................4.________________ 5. Credit rate........................................................................................................................................5. $0.05 6. Credit claimed (line 4 x line 5)..........................................................................................................6.________________ 7. Credit carried forward from the prior tax year..................................................................................7.________________ 8. Total credit available this year (add line 6 and line 7)......................................................................8.________________ 9. Credit amount: Enter the smaller of line 3 or line 8. Enter here and on Form 1120ME, Schedule C, line 1n, or Form 1040ME, Schedule A, Other Tax Credits Worksheet, line 12, or Form 1041ME, Schedule A, line 16.............................................................9.________________ Note: MRS may request additional information supporting the credit claimed before the return can be processed. Unused credit amounts may be carried forward up to ten taxable years following the year during which the credit was generated. Revised: December 2021 Biofuel Production and Commercial Use Tax Credit Worksheet for Tax Year 2021 Instructions A taxpayer engaged in the production of certified biofuel in Maine is allowed a credit of $0.05 per gallon against the tax imposed on income derived during the taxable year from the production of that biofuel. When certified biofuel is blended with petroleum or other non-biofuels, the credit allowed will be limited to the portion of that blend that constitutes biofuel. The credit allowed, including carryovers, may not reduce the tax liability otherwise due to less than zero. A person entitled to a credit for any taxable year may carry forward and apply the portion of any unused credit to the tax liability on income derived from the production of biofuel for any one or more of the next ten taxable years. The term biofuel means any liquid or gaseous product or energy source used as a substitute for liquid or gaseous fuels that is derived from agricultural crops or residues or from forest products or by-products, as distinct from petroleum or other fossil carbon sources. Biofuel includes, but is not limited to, ethanol, methanol derived from biomass, levulinic acid, biodiesel, pyrolysis oils from wood, hydrogen or methane from biomass or combinations of any of the above that may be used to propel motor vehicles either alone or in blends with conventional gasoline or diesel fuels or that may be used in place of petroleum products in whole or in part to fire heating devices or any stationary power device. To be eligible for this tax credit, the biofuel must have been produced in tax year 2021, meet state and federal regulatory requirements and be certified by the Commissioner of the Department of Environmental Protection (“DEP”). A taxpayer must apply to DEP for biofuel certification. Details about certification requirements and applications may be obtained from DEP, Bureau of Air Quality, Mobile Sources Section. Contact the Mobile Sources Section by telephone at (207) 287-2437 or access the Bureau of Air Quality website at www.maine.gov/dep/air, select Programs, and then select Mobile Sources. The certification of biofuel eligible for the tax credit that is issued by DEP will include the taxpayer’s name, address, tax identification number (either social security number or employer identification number) and the quantity of eligible biofuel produced. A copy of the certification must be submitted with an income tax return on which a biofuel production and use tax credit is claimed. Specific Line Instructions Enter taxpayer name and employer identification number (“EIN”) or social security number (“SSN”). In the case of passthrough entities (such as partnerships, LLCs, S corporations and trusts), the partners, members, shareholders, beneficiaries or other owners are allowed a credit in proportion to their respective interest in these entities. Line 1. Enter the Maine taxable income generated by the sale of certified biofuels. If you are claiming the credit as a result of an ownership interest in a pass-through entity that produced certified biofuels, enter on line 1 only that portion of the income generated by the pass-through entity from the production of the certified biofuels that is included in your Maine taxable income. Line 2. To calculate the applicable tax rate, divide the gross tax liability (Form 1120ME, line 5 or Form 1040ME, line 20, or Form 1041ME, line 4) by the taxable income shown on your return (Form 1120ME, line 4 or Form 1040ME, line 19, or Form 1041ME, line 3). Line 4. Enter the number of gallons of certified biofuel produced from the certification of biofuel eligible for the tax credit issued by DEP. If you are claiming the credit as a result of an ownership interest in a pass-through entity, enter on line 4 the number of gallons of certified biofuel multiplied by the percentage of your ownership interest in the entity. Line 7. Unused credits may be carried forward for up to ten taxable years following the year during which the credit was generated. Enter on this line any unused tax credit amount that does not exceed this limitation. Line 8. The credit available is the amount calculated for this year plus carryforward amounts. Line 9. Enter the credit amount for this tax year. The credit may not be used to reduce the Maine tax liability to less than zero. Unused credit amounts may be carried forward for up to 10 tax years following the year during which the credit was generated.
Extracted from PDF file 2021-maine-biofuel-and-use-credit.pdf, last modified November 2021

More about the Maine Biofuel and Use Credit Other Tax Credit TY 2021

We last updated the Biofuel Commercial Production and Commercial Use Credit in March 2022, so this is the latest version of Biofuel and Use Credit, fully updated for tax year 2021. You can download or print current or past-year PDFs of Biofuel and Use Credit directly from TaxFormFinder. You can print other Maine tax forms here.

Other Maine Other Forms:

TaxFormFinder has an additional 61 Maine income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Capital Investment Credit Maine Capital Investment Credit
Adult Dependent Care Credit Adult Dependent Care Credit Worksheet
Biofuel and Use Credit Biofuel Commercial Production and Commercial Use Credit
Child Care Investment Credit Quality Child Care Investment Credit (OBSOLETE)
Credit Wellness Program Credit for Wellness Programs

Download all ME tax forms View all 62 Maine Income Tax Forms


Form Sources:

Maine usually releases forms for the current tax year between January and April. We last updated Maine Biofuel and Use Credit from the Revenue Services in March 2022.

Show Sources >

Biofuel and Use Credit is a Maine Other form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

Historical Past-Year Versions of Maine Biofuel and Use Credit

We have a total of seven past-year versions of Biofuel and Use Credit in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


Biofuel Commercial Production and Commercial Use Credit 2015 Biofuel and Use Credit

15_BioFuelProdUseTaxCr.indd


TaxFormFinder Disclaimer:

While we do our best to keep our list of Maine Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

** This Document Provided By TaxFormFinder.org **
Source: http://www.taxformfinder.org/maine/biofuel-and-use-credit