IRS isues taxpayer-favorable guidance for alternative fuel claims

April 2013


On April 4, 2013, the Internal Revenue Service issued Notice 2013-26 to provide a simplified mechanism for taxpayers to claim federal excise tax credits and payments related to biodiesel (including renewable diesel) mixtures and alternative fuel for 2012 (specified credits). Prior to issuance of this Notice, IRS guidance suggested that taxpayers would need to claim these credits on amended federal excise tax returns and, if in excess of fuel excise tax liability, by claiming income tax credits. This guidance, however, will allow taxpayers the option of claiming the credits as direct payments or income tax credits. Notice 2013-26 also extends the deadline for filing claims for the specified credits until July 1, 2013.

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