Tax Credits
State Tax Credits
Idaho Biofuel Infrastructure Investment Tax Credit
If you placed property in service that is used to sell biofuel in Idaho, you may be able to claim a 6% biofuel infrastructure investment tax credit (biofuel ITC). This credit is allowed instead of the regular 3% investment tax credit. The biofuel ITC is available for tax years beginning on and after January 1, 2007. It is computed on the following:
- The cost of new fueling infrastructure. Items that qualify include: tanks, piping, pumps, pump stands, hoses, monitors, and other equipment necessary for a fuel distributor or retail fuel outlet to offer biofuel for sale.
- Expenses to upgrade existing fueling infrastructure that previously was not equipped to offer biofuel for sale. Expenses that qualify include those related to cleaning fuel storage tanks, trucks or other equipment for the purpose of offering biofuel.
The property must be placed in service after July 1, 2007. The credit has a 5-year carryover. If you claim this credit, you may not claim the regular investment tax credit on the property.
FORM 71 - Biofuel Infrastructure Investment Tax Credit
If you qualify to claim the new biofuel infrastructure investment tax credit, file Idaho Form 71. Compute recapture of the biofuel infrastructure investment tax credit on Form 71R (PDF).
Federal Tax Credits
Federal Production Tax Credit for Wind Energy
Terry Hoebelheinrich
208-287-4899
terry.hoebelheinrich@oer.idaho.gov