Tax Benefits Surrounding Biodiesel
B20 is now available at our Pacific Pride cardlock on Cumulus Ave in McMinnville (that's the Hwy 18 frontage rd).
In order to encourage the use of alternative energy fuels and promote the development of sustainable energy sources, federal and state governments have provided several tax incentives. Some of the programs apply to Biodiesel when it is used in blends of 20% or greater.
The primary tax incentives are:
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Federal Biodiesel Tax Credit- a tax credit to the blender of biodiesel that is to be used as motor fuel. Laughlin Oil Co applies for this credit and incorporates it into your purchase price.
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Business Energy Tax Credit or BETc for Oregon businesses- provides a tax credit for up to 50% of the cost of any infrastructure used to distribute or dispense biodiesel. Only applies to new equipment and the application must be submitted prior to any expenditures. Click here for more information on BETc.
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Recent legislation in Oregon allows a business owner to also claim the 35% Federal tax credit for the same project claiming the Oregon BETc
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The Oregon Individual Income Tax Credit allows an individual consumer a $.50 /gallon credit for purchases of B99 up to $200.
Together we can improve the environment for generations to come.
