1. As used in this section, unless the context otherwise requires:
a. “E-85 gasoline”, “ethanol”, “gasoline”, and “retail dealer” mean the same as defined in
section 214A.1.
b. “Motor fuel pump” means the same as defined in section 214.1.
c. “Sell” means to sell on a retail basis.
d. “Tax credit” means the E-85 gasoline promotion tax credit as provided in this section.
33 INDIVIDUAL INCOME, CORPORATE, AND FRANCHISE TAXES, §422.11P
2. Thetaxesimposedunderthissubchapter, lessthecreditsallowedundersection422.12,
shall be reduced by an E-85 gasoline promotion tax credit for each tax year that the taxpayer
is eligible to claim the tax credit under this subsection.
a. In order to be eligible, all of the following must apply:
(1)The taxpayer is a retail dealer who sells and dispenses E-85 gasoli
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1. As used in this section, unless the context otherwise requires:
a. “E-85 gasoline”, “ethanol”, “gasoline”, and “retail dealer” mean the same as defined in
section 214A.1.
b. “Motor fuel pump” means the same as defined in section 214.1.
c. “Sell” means to sell on a retail basis.
d. “Tax credit” means the E-85 gasoline promotion tax credit as provided in this section.
33 INDIVIDUAL INCOME, CORPORATE, AND FRANCHISE TAXES, §422.11P
2. Thetaxesimposedunderthissubchapter, lessthecreditsallowedundersection422.12,
shall be reduced by an E-85 gasoline promotion tax credit for each tax year that the taxpayer
is eligible to claim the tax credit under this subsection.
a. In order to be eligible, all of the following must apply:
(1) The taxpayer is a retail dealer who sells and dispenses E-85 gasoline through a motor
fuel pump located at the retail dealer’s retail motor fuel site during the calendar year or parts
of the calendar year for which the tax credit is claimed as provided in this section.
(2) The retail dealer complies with requirements of the department to administer this
section.
b. The tax credit shall apply to E-85 gasoline that meets the standards for that
classification as provided in section 214A.2.
3. For a retail dealer whose tax year is on a calendar year basis, the retail dealer shall
calculate the amount of the tax credit by multiplying a designated rate of sixteen cents by the
retail dealer’s total E-85 gasoline gallonage as provided in sections 452A.31 and 452A.32.
4. For a retail dealer whose tax year is not on a calendar year basis, the retail dealer shall
calculate the tax credit as follows:
a. If a retail dealer has not claimed a tax credit in the retail dealer’s previous tax year, the
retail dealer may claim the tax credit in the retail dealer’s current tax year for that period
beginning on January 1 of the retail dealer’s previous tax year to the last day of the retail
dealer’s previous tax year. For that period the retail dealer shall calculate the tax credit in
the same manner as a retail dealer who will calculate the tax credit on December 31 of that
calendar year as provided in subsection 3.
b. (1) For the period beginning on the first day of the retail dealer’s tax year until
December 31, the retail dealer shall calculate the tax credit in the same manner as a retail
dealer who calculates the tax credit on that same December 31 as provided in subsection 3.
(2) For the period beginning on January 1 to the end of the retail dealer’s tax year, the
retail dealer shall calculate the tax credit in the same manner as a retail dealer who will
calculate the tax credit on the following December 31 as provided in subsection 3.
5. a. A retail dealer is eligible to claim an E-85 gasoline promotion tax credit as provided
in this section even though the retail dealer claims an E-15 plus gasoline promotion tax credit
pursuant to section 422.11Y for the same tax year.
b. This subsection is repealed January 1, 2028.
6. Any credit in excess of the retail dealer’s tax liability shall be refunded. In lieu of
claiming a refund, the retail dealer may elect to have the overpayment shown on the retail
dealer’s final, completed return credited to the tax liability for the following tax year.
7. An individual may claim the tax credit allowed a partnership, limited liability company,
S corporation, estate, or trust electing to have the income taxed directly to the individual. The
amount claimed by the individual shall be based upon the pro rata share of the individual’s
earnings of a partnership, limited liability company, S corporation, estate, or trust.
8. This section is repealed January 1, 2028.