Virginia Biodiesel and Green Fuel Producers Tax Credit

Biodiesel and Green Fuel Producers Tax Credit
Form BFC - Biodiesel and Green Diesel Fuel Producers Tax Credit Application
Virginia
Form BFC

Biodiesel and Green Diesel Fuel Producers
Tax Credit Application

	

See the instructions before completing this form.

Tax Year Ending
____/____/______
MM 	

DD 	

YYYY

Reason for Submitting Form BFC (check one):
	 Application for Tax Credit – complete Sections I, II, and IV ‑AND‑ enclose a copy of certificate from Department of
Energy.
	 Transfer of Credit – complete Sections I, III (for each transferee), and IV.
Section I – Taxpayer Information
Name

 SSN
 FEIN

Street Address

Contact Name

City, State, ZIP Code

Contact Email Address

Contact Phone Number

Start Date of Biodiesel / Green Diesel Fuel Production (mm / dd / yyyy):  _________ /_________ /____________
Type of Fuel Produced (check both boxes if both types of fuel are produced):	

 Biodiesel	

  Green Diesel

Section II – Credit Calculation
1)	 Number of Gallons Produced Annually . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2)	 Multiply Line 1 by $0.01 (amount of credit per gallon of fuel). . . . . . . . . . . . . . . . . . . . . . . . . . .

$	.00

3)	 Credit Amount: Enter the amount on Line 2 or $5,000, whichever is less. . . . . . . . . . . . . . . .

$	.00

Section III – Credit Transfer Information
Transferee Name

 SSN
 FEIN

Street Address

Contact Name

City, State, ZIP Code

Contact Email Address

Contact Phone Number

/	

/

1)	 Date of Credit Transfer (mm / dd / yyyy):. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

	

2)	 Sale Price of Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$	.00

3)	 Credit Amount Transferred. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$	.00

Section IV – Declaration and Signature
I (we) the undersigned declare, under the penalties provided by law, that this form (including any accompanying schedules, statements,
and attachments) has been examined by me (us) and is, to the best of my (our) knowledge and belief, a true, correct, and complete
application, made in good faith pursuant to the income tax laws of the Commonwealth of Virginia.
Signature

Printed Name

Title

Phone Number

Date

Email Address

To avoid delays in the processing of your annual return, Form BFC should be submitted to the Department of
Taxation within 90 days of the credit origination or credit transfer, but at least 60 days before you file your return.
Va. Dept. of Taxation  2601432  Rev. 08/23

Virginia Form BFC
Biodiesel and Green Diesel Fuel Tax Credit Application
General Information

When to Submit Form BFC

A credit is available for Virginia biodiesel and green diesel
fuel producers who produce up to 2 million gallons of fuel
per year. This credit is only available during the first 3 years
of production. Corporate and individual taxpayers may
claim a nonrefundable credit against their tax liability for the
production of these fuels.

To avoid delays in the processing of your annual return,
Form BFC should be submitted to the Department within 90
days of the credit origination or the transfer of the credit, but
at least 60 days before you file your annual return to claim
the credit.

Form BFC is used to make a claim to the Virginia Department
of Taxation for a Biodiesel and Green Diesel Fuel Producers
Tax Credit after the Virginia Department of Energy has
certified that you have satisfied all the requirements of Va.
Code § 58.1-439.12:02.

Credit Amount
The amount of the credit is $0.01 per gallon, not to exceed
$5,000 annually.

NOTE: By providing an email address on the form, the
taxpayer consents to allow emailed communications from
the Virginia Department of Taxation related to this tax
credit application. If the taxpayer does not wish to receive
electronic communications, do not enter an email address in
the spaces provided on the form.
IMPORTANT: All business taxpayers should be registered
with the Department before completing Form BFC. If you are
not registered, complete Form R-1.

Carryover Provision

Enclosure Requirements

Any credit not used for the taxable year may be carried over
to the next 3 taxable years. The amount of the credit allowed
cannot exceed the tax liability for the taxable year the credit
is being claimed.

Enclose a copy of the certificate issued by the Department
of Energy.

Credit Transfers
The credit may be transferred to another taxpayer. The
transfer of the credit must be completed before the end of a
taxable year in order to use the credit for that taxable year.

Definitions
Biodiesel fuel — a fuel composed of mono-alkyl esters of
long-chain fatty acids derived from vegetable oils or animal
fats, designated B100, and meeting the requirements of
ASTM D6751.
Green diesel fuel — a fuel produced from nonfossil
renewable resources including agricultural or silvicultural
plants, animal fats, residue and waste generated from
the production, processing, and marketing of agricultural
products, silvicultural products, and other renewable
resources, and meeting applicable ASTM specifications.
Feedstock — the agricultural or other renewable resources,
whether plant or animal derived, used to produce biodiesel
or green diesel fuels.
Producer — any person, entity, or agricultural cooperative
association, as defined in the Agricultural Cooperative
Association Act that, in a calendar year, produces in the
Commonwealth up to 2 million gallons of biodiesel or green
diesel fuels using feedstock originating domestically within
the United States.

Pass-Through Entities
Each pass-through entity must file Form TCA with the
Department when allocating this credit to its participants.
Form TCA should be filed within 30 days after the credit is
granted, but at least 90 days prior to the participants filing their
income tax returns. Failure to file Form TCA may result in the
credit claim being disallowed and/or a delay in processing
the participant’s return. This information should be sent to:
Virginia Department of Taxation, ATTN: Tax Credit Unit,
P.O. Box 715, Richmond, VA 23218-0715 or you may fax it
to (804) 774-3902. Do not do both.
All pass-through entities distributing this credit to its
participants, including owners, shareholders, partners, or
members, must give each such participant a Schedule VK‑1,
Owner’s Share of Income and Virginia Modifications and
Credits.

Where to Submit Form BFC
Mail your completed Form BFC and enclosures to Virginia
Department of Taxation, Tax Credit Unit, P.O. Box 715,
Richmond, VA 23218-0715, or fax it to (804) 774-3902. Do
not do both.

Where to Get Help
Write to Virginia Department of Taxation, Tax Credit Unit,
P.O. Box 715, Richmond, VA 23218-0715 or call (804)
786‑2992. Visit www.tax.virginia.gov to obtain most tax
forms and additional information.