Iowa E15 Plus Gasoline Promotion Tax Credit 41-152

E15 Plus Gasoline Promotion Tax Credit 41-152
IA 138 E15 Plus Gasoline Promotion Tax Credit
2023 IA 138

Iowa E15 Plus Gasoline Promotion Tax Credit
tax.iowa.gov
Name(s):_____________________________________________________________________________
Social Security Number (SSN) or Federal Employer Identification Number (FEIN): ___________________
Pass-through entity legal name (if applicable): _______________________________________________
Pass-through FEIN: ____________________________ Tax period ending date: ___________________
1. Total number of E15 Plus gasoline gallons sold at retail in Iowa during
the tax year ............................................................................................................ 1. ________________
2. E15 Plus Gasoline Promotion Tax Credit. Multiply line 1 by the tax credit
rate per gallon of $0.09 (nine cents). See Where to Report This Tax Credit
in instructions ......................................................................................................... 2. ________________
3. Pass-through E15 Plus Gasoline Promotion Tax Credit from partnership,
limited liability company (LLC), S corporation, estate, or trust. See Where
to Report This Tax Credit in instructions ............................................................... 3. ________________
Include this form with your return.

41-152a (07/24/2023)

2023 IA 138 Instructions, page 1
What’s New for Tax Year 2023
2022 Iowa Acts chapter 1067 (House File 2128)
modified the E15 Plus Gasoline Promotion Tax
Credit for E15 Plus gasoline sold on or after
January 1, 2023. The tax credit rate has been
changed to $0.09 (nine cents) per gallon sold at
retail in Iowa, and the rate differential between
gallons sold during summer months and nonsummer months has been repealed.
About the E15 Plus Gasoline Promotion Tax
Credit
An Iowa E15 Plus Gasoline Promotion Tax
Credit is available to retail dealers of gasoline
who operate fuel pumps at an Iowa retail fuel
site. Tank wagons are considered retail fuel
sites. The tax credit is available to retail dealers
that sell gasoline classified as E15 or higher,
which is an ethanol-blended gasoline formulated
with a minimum percentage between 15 and 69
by volume of ethanol and not classified as E85
gasoline.
The tax credit equals nine cents ($0.09)
multiplied by the total number of gallons of E15
Plus gasoline sold on or after January 1, 2023.
See Iowa Code section 422.11Y and Iowa
Administrative Code rules 701—304.46 and
501.43 for more information.

Claiming This Tax Credit
Provide your name, Social Security Number
(SSN) or Federal Employer Identification
Number (FEIN), and tax period ending date.
If the retailer is a pass-through entity
(partnership, limited liability company, S
corporation, estate, or trust), the tax credit is
allocated to the members in the ratio of each
member’s share of the earnings of the entity to
the entity’s total earnings. Special allocations
are not permitted. Report the tax credit to the
Department and members as instructed (see
Where to Report This Tax Credit).
If the taxpayer has received any E15 Plus
Gasoline Promotion Tax Credit from a passthrough entity, indicate that amount on line 3 of
the IA 138. See Where to Report This Tax
Credit.
File a separate IA 138 for each pass-through
E15 Plus Gasoline Promotion Tax Credit
received and provide the required information
regarding the pass-through entity.
Any tax credit in excess of tax liability can be
refunded or credited to tax liability for the
following year.
Include this form and the IA 148 with your IA
1040, IA 1041, or IA 1120.
Include this form with your IA 1065 or IA 1120S.

41-152b (06/29/2023)

2023 IA 138 Instructions, page 2
Where to Report This Tax Credit
Iowa Form:

Enter amounts
from lines 2
and 3 on:

1040
1120
1041
(amounts
claimed at
entity level)
1041
(amounts
allocated to
beneficiaries)

IA 148
Tax Credits
Schedule

IA 1041
Schedule K-1
IA 1065
Schedule B

1065

and
IA 1065
Schedule K-1
IA 1120S
Schedule B

1120S

and
IA 1120S
Schedule K-1

Additional instructions:
• Report line 2 and line 3 amounts on the IA 148, Part II, using tax credit
code 65. List each tax credit claim earned or received separately.
• For line 3 amounts from another pass-through entity, report required
information about the pass-through entity on the IA 148, Part IV. List each
pass-through tax credit claim separately.

• Report the allocated share of line 2 and line 3 amounts on each
beneficiary’s IA 1041 Schedule K-1 using tax credit code 65. List each tax
credit claim earned or received separately.
• Instruct beneficiaries to report their allocated tax credit on line 3 of form IA
138 and include the IA 138 with their tax return.
• Report line 2 and line 3 amounts on the IA 1065 Schedule B as earned by
the entity (line 2) or received from another pass-through entity (line 3) and
use tax credit code 65. Also, report each member’s allocated share of the
tax credit on the IA 1065 Schedule K-1 using tax credit code 65. List each
tax credit claim earned or received separately on the Schedule B and
Schedule K-1.
• Instruct members to report their allocated tax credit on line 3 of form IA 138
and include the IA 138 with their tax return.
• Report line 2 and line 3 amounts on the IA 1120S Schedule B as earned by
the entity (line 2) or received from another pass-through entity (line 3) and
use tax credit code 65. Also, report each member’s allocated share of the
tax credit on the IA 1120S Schedule K-1 using tax credit code 65. List each
tax credit claim earned or received separately on the Schedule B and
Schedule K-1.
• Instruct members to report their allocated tax credit on line 3 of form IA 138
and include the IA 138 with their tax return.

41-152c (07/24/2023)