1.As used in this section, unless the context otherwise requires:
a.“E-85 gasoline”, “ethanol”, “gasoline”, “retail dealer”, and “retail motor fuel site” 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-15 plus gasoline promotion tax credit as provided in this
section.
2.For purposes of this section, ethanol blended gasoline is classified in the same manner
as provided in section 214A.2.
3.Thetaxesimposedunderthissubchapter, lessthecreditsallowedundersection422.12,
shall be reduced by the amount of the E-15 plus gasoline promotion tax credit for each tax
year that the taxpayer is eligible to claim a tax credit under this subsection.
Free access — add to your briefcase to read the full text and ask questions with AI
1. As used in this section, unless the context otherwise requires:
a. “E-85 gasoline”, “ethanol”, “gasoline”, “retail dealer”, and “retail motor fuel site” 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-15 plus gasoline promotion tax credit as provided in this
section.
2. For purposes of this section, ethanol blended gasoline is classified in the same manner
as provided in section 214A.2.
3. Thetaxesimposedunderthissubchapter, lessthecreditsallowedundersection422.12,
shall be reduced by the amount of the E-15 plus gasoline promotion tax credit for each tax
year that the taxpayer is eligible to claim a 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 qualifying ethanol blended
gasoline through a motor fuel pump located at the retail dealer’s retail motor fuel site during
thecalendaryearorpartsofthecalendaryearsforwhichthetaxcreditisclaimedasprovided
in this section.
(2) The retail dealer complies with requirements of the department established to
administer this section.
b. The tax credit shall apply to ethanol blended gasoline classified as provided in this
section, if the classification meets the standards provided in section 214A.2.
4. A retail dealer whose tax year is on a calendar year basis shall calculate the amount
of the tax credit by multiplying a designated rate by the retail dealer’s total ethanol blended
gasoline gallonage as provided in section 452A.31 which qualifies under this subsection.
a. In order to qualify for the tax credit, the ethanol blended gasoline must be classified as
E-15 or higher but must not be E-85 gasoline.
b. The designated rate of the tax credit is nine cents.
5. 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 4.
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 4.
(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 4.
6. AretaildealeriseligibletoclaimanE-15plusgasolinepromotiontaxcreditasprovided
in this section even though the retail dealer claims an E-85 gasoline promotion tax credit
pursuant to section 422.11O for the same tax year.
7. 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.
8. 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.
9. This section is repealed January 1, 2028.