Form RPD-41340 Blended Biodiesel Fuel Tax Credit Claim Form

Blended biodiesel fuel means a diesel fuel that contains at least 2% biodiesel Diesel fuel means any diesel engine fuel used for the generation of power to propel a motor vehicle If the special fuel excise tax is paid or would have been paid during the period: The credit is the following rate per gallon: (a) Credit number (b) Amount of credit approved (c) Credit applied to prior year returns (d) Unused credit available for carry forward [(b) (c)] (a) Credit number For each blended biodiesel fuel tax credit approved by TRD enter the credit number from the approval letter If additional space is needed attach a schedule on a separate page in the same format as the worksheet below Do not enter a credit approved for a tax year that is more than five years from the tax year of this claim or if the credit was not approved by TRD Unused credit may only be carried forward for five years following the tax year for which the credit was approved (d) on line 1 (d) Unused credit available for carry forward Subtract column (c) from column (b) A husband and wife who file separate returns for a taxable year in which they could have filed a joint return may each claim only one half of the credit that would have been allowed on a joint return A taxpayer who has both a carry forward credit amount and a new credit amount derived from a credit approved for the A taxpayer who otherwise qualified for and claims a credit for blended biodiesel fuel on which special fuel excise tax has ABOUT THIS CREDIT: Beginning January 1 2007 but not after December 31 2012 a taxpayer who is required to pay Amount of credit approved For each credit number listed in column (a) enter the amount of credit approved B100 blend stock for distillate fuels because the fuel was destroyed by fire accident or acts of God before retail sale The credit may not be claimed with respect been paid by a partnership or other business association of which the taxpayer is a member may claim a credit only in pro portion to the taxpayer s interest in the partnership or business association The total credit claimed in the aggregate by all members of the partnership or business association shall not exceed the amount of credit allowed When the credit is split between spouses partners or other business associates each claimant must submit the claimant s income tax return with Form RPD 41340 Blended Biodiesel Fuel Tax Credit Claim Form for the portion of the credit claimed BLENDED BIODIESEL FUEL TAX CREDIT CLAIM FORM BLENDED BIODIESEL FUEL TAX CREDIT CLAIM FORM INSTRUCTIONS Certain deductions allowed from special fuels excise tax include special fuel: Credit applied to prior year returns For each credit amount listed in column (b) enter the total amount of credit applied to prior year personal or corporate income tax due current tax year shall apply the unused credit available from the oldest approved credit first dyed in accordance with federal regulations; and For assistance with completing this form obtaining Taxation and Revenue Department (TRD) approval or claiming the credit please call (505) 476 3683 from January 1 2007 until December 31 2010 $0 03 from January 1 2011 until December 31 2011 $0 02 from January 1 2012 until December 31 2012 $0 01 gallons sold or deducted HOW TO APPLY FOR THIS CREDIT IMPORTANT DEFINITIONS Biodiesel means renewable biodegradable monoalkyl ester combustible liquid fuel that is derived from agricultural plant in which the credit is granted the credit may be carried forward for five years Attach a detailed schedule of the qualified Instructions for worksheet to compute the total unused credit available Int 12/2007 Line 1 TOTAL credit available Enter the sum of column (d) If supple mental pages are attached enter the sum of column (d) from all pages 1 Line 1 Total credit available Enter the sum of unused credit available for carry forward the sum of all amounts in column Line 2 Unused credit applied Enter the amount of total credit available from line 1 to be applied to the attached New Mexico corporate or personal income tax return Do not enter more than the amount of income tax due on the return Line 2 Unused credit applied Enter the amount of total credit available to be applied to the attached New Mexico corporate or personal income tax return Do not enter more than the amount of income tax due on 2 may be carried forward for five years from the date of the certificate of eligibility MM/DD/YYMM/DD/YY through Enter the report period as shown on the attached personal income tax return Name and phone number of contact person Name of business CRS identification number Terminal code oils or animal fats and that meets American society for testing and materials D 6751 standard specification for biodiesel Once approved use Form RPD 41340 Blended Biodiesel Fuel Tax Credit Claim Form to claim the credit against personal or corporate income tax liabilities Attach the claim form to your income tax return RPD 41340 RPD 41340 State of New Mexico Taxation and Revenue Department sold for the generation of power to propel a school bus sold to an Indian nation tribe or pueblo or any agency or instrumentality thereof for its exclusive use; sold to the state of New Mexico or any political subdivision agency or instrumentality thereof for its exclusive use; sold to the United States or any agency or instrumentality thereof for its exclusive use; State of New Mexico Taxation and Revenue Department The blended biodiesel tax credit may not be claimed for blended biodiesel fuel on which a credit or refund has been claimed The income tax credit amount is as follows: the income tax due on the return for each gallon of blended biodiesel fuel on which that person paid the special fuel excise tax in the taxable year or would have paid the special fuel excise tax in the tax year but for certain deductions allowed for special fuel sold (see below) or the treaty exemption for North Atlantic Treaty Organization use the return the special fuel excise tax and who files a New Mexico personal or corporate income tax return may claim a credit against to the same blended biodiesel fuel for which a credit has been claimed pursuant to the Income Tax Act or the Corporate Income and Franchise Tax Act Use Form RPD 41322 Blended Biodiesel Fuel Tax Credit Application for reporting qualifying biodiesel fuel receipts to es tablish eligibility for the credit You may establish eligiblity for a portion of or all of a calendar year but all approved credit from qualifying blended biodiesel fuel must be claimed on the income tax return for the tax period in which the special fuels excise tax was due The credit may only be applied against the corporate or personal income tax liability of the person who paid the special fuel excise tax on the blended biodiesel fuel or who would have paid the special fuel excise tax but for the deductions allowed according to Subsections B through F of Section 7 16A 10 NMSA 1978 (See above) or the treaty ex emption for North Atlantic Treaty Organization use If the credit exceeds the person s income tax liability for the taxable year WHO MAY USE THIS FORM A rack operator or supplier who is approved to claim the blended biodiesel fuel tax credit against personal or corporate income tax due must submit Form RPD 41340 Blended Biodiesel Fuel Tax Credit Claim Form along with the personal or corporate income tax return to claim the credit Unused blended biodiesel fuel tax credit Worksheet to compute the total unused credit available