Download as PDF
141.423 Nonrefundable credit for biodiesel producer, biodiesel blender, or
renewable diesel producer.
(1)
(2)
(3)
(4)
(5)
(a)
A biodiesel producer, biodiesel blender, or renewable diesel producer
shall be entitled to a nonrefundable tax credit against the taxes imposed
by KRS 141.020 or 141.040 and KRS 141.0401 in an amount certified by
the department under subsection (4) of this section. The credit rate shall
be one dollar ($1) per biodiesel gallon produced by a biodiesel producer,
one dollar ($1) per gallon of biodiesel used in the blending process by a
biodiesel blender, and one dollar ($1) per gallon of renewable diesel
produced by a renewable diesel producer, unless the total amount of
approved credit for all biodiesel producers, biodiesel blenders, and
renewable diesel producers exceeds the annual biodiesel and renewable
diesel tax credit cap. If the total amount of approved credit for all biodiesel
producers, biodiesel blenders, and renewable diesel producers exceeds
the annual biodiesel and renewable diesel tax credit cap, the department
shall determine the amount of credit each biodiesel producer, biodiesel
blender, and renewable diesel producer receives by multiplying the
annual biodiesel and renewable diesel tax credit cap by a fraction, the
numerator of which is the amount of approved credit for the biodiesel
producer, biodiesel blender, and renewable diesel producer and the
denominator of which is the total approved credit for all biodiesel
producers, biodiesel blenders, and renewable diesel producers.
(b) The credit allowed under paragraph (a) of this subsection shall be applied
both to the income tax imposed under KRS 141.020 or 141.040 and to the
limited liability entity tax imposed under KRS 141.0401, with the ordering
of credits as provided in KRS 141.0205.
Re-blending of blended biodiesel shall not qualify for the credit provided under
this section.
The credit shall not be carried forward to a return for any other period.
Each biodiesel producer, biodiesel blender, and renewable diesel producer
eligible for the credit provided under subsection (1) of this section shall file a
tax credit claim for biodiesel gallons produced or blended in this state or for
renewable diesel produced in this state on forms prescribed by the department
by the fifteenth day of the first month following the close of the preceding
calendar year. The department shall determine the amount of the approved
credit based on the amount of biodiesel produced, biodiesel blended, or
renewable diesel produced in this state during the preceding calendar year and
issue a credit certificate to the biodiesel producer, biodiesel blender, or
renewable diesel producer by the fifteenth day of the fourth month following the
close of the calendar year.
In the case of a biodiesel producer, biodiesel blender, or renewable diesel
producer that has a fiscal year end for purposes of computing the tax imposed
by KRS 141.020, 141.040, and 141.0401, the amount of approved credit shall
be claimed on the return filed for the first fiscal year ending after the close of
the preceding calendar year.
Effective:August 30, 2007
History: Amended 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 21, effective August
30, 2007. -- Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 33, effective
June 28, 2006. -- Created 2005 Ky. Acts ch. 168, sec. 137, effective March 18,
2005.
Legislative Research Commission Note (6/28/2006). 2006 (1st Extra Sess.) Ky.
Acts ch. 2, sec. 73, provides that "unless a provision of this Act specifically
applies to an earlier tax year, the provisions of this Act shall apply to taxable
years beginning on or after January 1, 2007."
Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts ch. 168,
sec. 165, provides that this section shall apply to tax years beginning on or after
January 1, 2005.
Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts chs. 11, 85,
95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory
references to agencies and officers whose names have been changed in 2005
legislation confirming the reorganization of the executive branch. Such a
correction has been made in this section.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.