42.4.2504    CARRYOVER AND RECAPTURE OF BIODIESEL BLENDING AND STORAGE TAX CREDIT

(1) If any part of the credit earned in taxable years beginning after December 31, 2004, is not applied against the tax liability for the year earned, the unused portion of the credit can be carried forward to offset tax liability in the next seven periods.

(2) The credit may be subject to recapture if the facility claiming the credit ceases blending of biodiesel with petroleum diesel for sale for a period of 12 consecutive months. At the point the facility ceases blending of biodiesel with petroleum diesel, any credit claimed in the five years prior to the cease date must be recaptured.

History: 15-30-2620, 15-31-501, MCA; IMP, 15-32-703, MCA; NEW, 2008 MAR p. 61, Eff. 1/18/08; AMD, 2010 MAR p. 1209, Eff. 5/14/10.