IRS Form 6478 is used to calculate the section 40 biofuel producer credit for tax years beginning after 2017. The credit is claimed for the tax year in which the sale or use occurs. This credit consists of the second generation biofuel producer credit.
The taxpayer can claim or elect not to claim the biofuel producer credit at any time within 3 years from the due date of their return (determined without regard to extensions) on either an original or an amended return for the tax year of the sale or use.
Partnerships, S corporations, cooperatives, estates, and trusts must file this form to claim the credit. All other taxpayers aren’t required to complete or file this form if their only source for this credit is a partnership, S-corporation, cooperatives, estate, or trust. Instead, they can report this credit directly on the appropriate line of Form 3800, General Business Credit.
Note: The biofuel producer credit is extended for fuel sold or used before 2025. Do not claim the credit for fuel sold or used after 2024 unless the credit is extended again.
To access the Form 6478 menu in TaxSlayer ProWeb, from the Federal Section of the individual tax return (Form 1040) select:
- Deductions
- Credits
- Less Common Credits
- Biofuel Producer Credit - Select Biofuel Producer Credit if the taxpayer is claiming the credit in the current year, or select Credit from Pass-Through Entities if the credit has been reported to the taxpayer on a Schedule K-1.
Additional Information: