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Virginia Free Printable Form BFC - Biodiesel and Green Diesel Fuel Producers Tax Credit Application for 2022 Virginia Biodiesel and Green Fuel Producers Tax Credit

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Biodiesel and Green Fuel Producers Tax Credit
Form BFC - Biodiesel and Green Diesel Fuel Producers Tax Credit Application

Virginia Form BFC Biodiesel and Green Diesel Fuel Producers Tax Credit Application See the instructions before completing this form. Tax Year Ending ____/____/______ MM DD YYYY Reason for Submitting Form BFC (check one): Application for Tax Credit – complete Sections I, II, and IV ‑AND‑ enclose a copy of certificate from Department of Energy. Transfer of Credit – complete Sections I, III (for each transferee), and IV. Section I – Taxpayer Information Name  SSN  FEIN Street Address Contact Name City, State, ZIP Code Contact Email Address Contact Phone Number Start Date of Biodiesel / Green Diesel Fuel Production (mm / dd / yyyy):  _________ /_________ /____________ Type of Fuel Produced (check both boxes if both types of fuel are produced):  Biodiesel   Green Diesel Section II – Credit Calculation 1) Number of Gallons Produced Annually . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2) Multiply Line 1 by $0.01 (amount of credit per gallon of fuel). . . . . . . . . . . . . . . . . . . . . . . . . . . $ .00 3) Credit Amount: Enter the amount on Line 2 or $5,000, whichever is less. . . . . . . . . . . . . . . . $ .00 Section III – Credit Transfer Information Transferee Name  SSN  FEIN Street Address Contact Name City, State, ZIP Code Contact Email Address Contact Phone Number / / 1) Date of Credit Transfer (mm / dd / yyyy):. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2) Sale Price of Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .00 3) Credit Amount Transferred. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .00 Section IV – Declaration and Signature I (we) the undersigned declare, under the penalties provided by law, that this form (including any accompanying schedules, statements, and attachments) has been examined by me (us) and is, to the best of my (our) knowledge and belief, a true, correct, and complete application, made in good faith pursuant to the income tax laws of the Commonwealth of Virginia. Signature Printed Name Title Phone Number Date Email Address To avoid delays in the processing of your annual return, Form BFC should be submitted to the Department of Taxation within 90 days of the credit origination or credit transfer, but at least 60 days before you file your return. Va. Dept. of Taxation  2601432  Rev. 10/21 Virginia Form BFC Biodiesel and Green Diesel Fuel Tax Credit Application General Information When to Submit Form BFC A credit is available for Virginia biodiesel and green diesel fuel producers who produce up to 2 million gallons of fuel per year. This credit is only available during the first 3 years of production. Corporate and individual taxpayers may claim a nonrefundable credit against their tax liability for the production of these fuels. To avoid delays in the processing of your annual return, Form BFC should be submitted to the Department within 90 days of the credit origination or the transfer of the credit, but at least 60 days before you file your annual return to claim the credit. Form BFC is used to make a claim to the Virginia Department of Taxation for a Biodiesel and Green Diesel Fuel Producers Tax Credit after the Virginia Department of Energy has certified that you have satisfied all the requirements of Va. Code § 58.1-439.12:02. IMPORTANT: All business taxpayers should be registered with the Department before completing Form BFC. If you are not registered, complete Form R-1. Enclosure Requirements Credit Amount Enclose a copy of the certificate issued by the Department of Energy. The amount of the credit is $0.01 per gallon, not to exceed $5,000 annually. Pass-Through Entities Carryover Provision Any credit not used for the taxable year may be carried over to the next 3 taxable years. The amount of the credit allowed cannot exceed the tax liability for the taxable year the credit is being claimed. Credit Transfers The credit may be transferred to another taxpayer. The transfer of the credit must be completed before the end of a taxable year in order to use the credit for that taxable year. Definitions Biodiesel fuel — a fuel composed of mono-alkyl esters of long-chain fatty acids derived from vegetable oils or animal fats, designated B100, and meeting the requirements of ASTM D6751. Green diesel fuel — a fuel produced from nonfossil renewable resources including agricultural or silvicultural plants, animal fats, residue and waste generated from the production, processing, and marketing of agricultural products, silvicultural products, and other renewable resources, and meeting applicable ASTM specifications. Feedstock — the agricultural or other renewable resources, whether plant or animal derived, used to produce biodiesel or green diesel fuels. Producer — any person, entity, or agricultural cooperative association, as defined in the Agricultural Cooperative Association Act that, in a calendar year, produces in the Commonwealth up to 2 million gallons of biodiesel or green diesel fuels using feedstock originating domestically within the United States. Each pass-through entity must file Form PTE with the Department when allocating this credit to its participants. Form PTE should be filed within 30 days after the credit is granted, but at least 90 days prior to the participants filing their income tax returns. Failure to file Form PTE may result in the credit claim being disallowed and/or a delay in processing the participant’s return. This information should be sent to: Virginia Department of Taxation, ATTN: Tax Credit Unit, P.O. Box 715, Richmond, VA 23218-0715 or you may fax it to (804) 774-3902. Do not do both. All pass-through entities distributing this credit to its participants, including owners, shareholders, partners, or members, must give each such participant a Schedule VK‑1, Owner’s Share of Income and Virginia Modifications and Credits. Where to Submit Form BFC Mail your completed Form BFC and enclosures to Virginia Department of Taxation, Tax Credit Unit, P.O. Box 715, Richmond, VA 23218-0715, or fax it to (804) 774-3902. Do not do both. Where to Get Help Write to Virginia Department of Taxation, Tax Credit Unit, P.O. Box 715, Richmond, VA 23218-0715 or call (804) 786‑2992. Visit www.tax.virginia.gov to obtain most tax forms and additional information.
Extracted from PDF file 2021-virginia-form-bfc.pdf, last modified October 2021

More about the Virginia Form BFC Corporate Income Tax Tax Credit TY 2021

We last updated the Biodiesel and Green Fuel Producers Tax Credit in March 2022, so this is the latest version of Form BFC, fully updated for tax year 2021. You can download or print current or past-year PDFs of Form BFC directly from TaxFormFinder. You can print other Virginia tax forms here.

Other Virginia Corporate Income Tax Forms:

TaxFormFinder has an additional 135 Virginia income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 500 Corporate Income Tax Return
Form 502 Pass-Through Entity Return of Income
Form 770IP Virginia Fiduciary and Unified Nonresident Automatic Extension Payment
Form 770 VA Fiduciary Income Tax Return
Form 502 VK-1 Owner's Share of Income and Virginia Modifications and Credits

Download all VA tax forms View all 136 Virginia Income Tax Forms


Form Sources:

Virginia usually releases forms for the current tax year between January and April. We last updated Virginia Form BFC from the Department of Taxation in March 2022.

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Form BFC is a Virginia Corporate Income Tax 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.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Virginia Form BFC

We have a total of eleven past-year versions of Form BFC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2021 Form BFC

Form BFC - Biodiesel and Green Diesel Fuel Producers Tax Credit Application

2020 Form BFC

DraftForm BFC - Virginia Biodiesel and Green Fuel Producers Tax Credit Form and Instructions

2019 Form BFC

DraftForm BFC - Virginia Biodiesel and Green Fuel Producers Tax Credit Form and Instructions

2018 Form BFC

Form BFC - Virginia Biodiesel and Green Fuel Producers Tax Credit Form and Instructions

2017 Form BFC

Form BFC - Virginia Biodiesel and Green Fuel Producers Tax Credit Form and Instructions

2016 Form BFC

Form BFC - Virginia Biodiesel and Green Fuel Producers Tax Credit Form and Instructions

Biodiesel and Green Fuel Producers Tax Credit 2014 Form BFC

BFC Flat Final 10 16 14.indd

2011 Form BFC

BFC final 12 21 11.indd


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