Biodiesel Production Tax Credit

A biodiesel facility may receive a credit of $0.075 per gallon of biodiesel for up to 36 consecutive months for new fuel production. To be eligible for this credit, the facility must not have received credits before January 1, 2013, must have expanded its capacity by at least two million gallons after January 1, 2013, or must have achieved annual production of more than twelve times the monthly average of the three highest production months in the previous year. The credit will be capped at ten million gallons of biodiesel per year per biodiesel facility. If the credit allowed exceeds the amount of income taxes due, the excess amount may be carried forward as a credit against subsequent income tax liability for up to five years. Additional restrictions may apply. This incentive is available through December 31, 2013. (Reference House Bill 2308, 2013, and Oklahoma Statutes 68-2357.67)