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Virginia Free Printable DraftForm BFC - Virginia Biodiesel and Green Fuel Producers Tax Credit Form and Instructions for 2020 Virginia Biodiesel and Green Fuel Producers Tax Credit

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

Virginia Biodiesel and Green Fuel Producers Tax Credit Form and Instructions VIRGINIA Form BFC Tax Year Ending (MM/DD/YYYY): Reason for Submitting Form BFC: Mail Form to:   Application for Tax Credit Virginia Department of Taxation Tax Credit Unit P.O. Box 715 Richmond, VA 23218-0715 or Fax to (804) 774-3902   Transfer of Credit For Assistance: Call (804) 786-2992 or visit www.tax.virginia.gov • Complete Sections I, II, and IV. • Attach copy of certificate from Department of Mines, Minerals, and Energy. • If you are a pass-through entity, attach Form PTE. • Complete Sections I, III (for each transferee), and IV. • If transferee is a pass-through entity, attach Form PTE. Section I - Information Name Address City Contact Name Phone Number Type of Fuel - Check both boxes if both types of fuel are produced. Start Date of Biodiesel/Green Fuel Production (MM/DD/YYYY)   SSN or  FEIN State Email Address Biodiesel   ZIP Code Green Section II - Credit Calculation Number of Gallons Produced Annually A) Dollar Amount Per Gallon B) $0.01 Credit Amount. Multiply Line A by Line B. $ Section III - Transfer of Credit Date of Credit Transfer (MM/DD/YYYY) Sale Price of Credit $ .00 Credit Amount Transferred .00 Transferee Name   Transferee City Contact Name Phone Number Transferee Address SSN $   or State FEIN ZIP Code Email Address Section IV - Signature I declare, under the penalties provided by law, the information provided above is complete and accurate. Signature Title Date Print Name Phone Number 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. 08/16 VIRGINIA Form BFC Virginia Biodiesel and Green Fuel Producers Tax Credit Form Instructions Purpose of Form 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. 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 Department of Mines, Minerals, and Energy has certified that you have satisfied all the requirements of Va. Code § 58.1-439.12:02. The amount of the credit is $0.01 per gallon, not to exceed $5,000 annually. 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. The amount of the credit attributable to a partnership, electing small business corporation (S corporation), or limited liability company must be allocated to the individual partners, shareholders, or members in proportion to their ownership or interest within the business entity using Form PTE. 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” means 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” means 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” means the agricultural or other renewable resources, whether plant or animal derived, used to produce biodiesel or green diesel fuels. “Producer” means 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. When to Submit Form BFC 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. Attachment Requirements Attach a copy of the certificate issued by the Department of Mines, Minerals and Energy. Where to Submit Form BFC Mail your completed Form BFC to: For Assistance: Virginia Department of Taxation Tax Credit Unit P.O. Box 715 Richmond, VA 23218-0715 or fax to (804) 774-3902 Call (804) 786-2992 or visit www.tax.virginia.gov
Extracted from PDF file 2019-virginia-form-bfc.pdf, last modified August 2016

More about the Virginia Form BFC Corporate Income Tax Tax Credit TY 2019

We last updated the Biodiesel and Green Fuel Producers Tax Credit in March 2020, so this is the latest version of Form BFC, fully updated for tax year 2019. 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 502 Pass-Through Entity Return of Income
Form 770 770 - VA Fiduciary Income Tax Return
Form 502W 502W - Pass-Through Entity Withholding Tax Payment Voucher and Instructions
Form 500 Corporate 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 2020.

Show Sources >

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 nine 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:


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


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