Bill would set a 2033 repeal date for Iowa biodiesel credits

The proposal sets January 1, 2033, as the repeal date for the biodiesel blended fuel tax credit. The provisions concern Iowa retail dealers claiming the biodiesel blended fuel tax credit on individual or corporate income taxes. The credit is for retail dealers eligible under the cited individual or corporate income tax provisions. The stated repeal date is January 1, 2033.

An eligible retail dealer may claim the credit in its following tax year for the remaining eligible period. This applies to a retail dealer whose tax year ends before December 31, 2032, and who may claim the credit in calendar year 2032. The dealer must be eligible under the cited tax provisions. The credit is calculated using the same method as for a dealer whose tax year began on the previous January 1. That period runs from the first day of the dealer’s next tax year through December 31, 2032.