26 U.S.C. § 87 — Alcohol and biodiesel fuels credits

submitted 46 years ago by Pub. L. 96-223 to r/title-26-INTERNAL-REVENUE-CODE · 62 words · no verdicts yet

in plain englishAI-generated · not legal advice

Certain fuel tax credits count as taxable income, not just tax savings. This covers the alcohol fuel credit, the biodiesel fuels credit, and the sustainable aviation fuel credit. Each credit is figured under its own separate section of the tax code.

Gross income includes (1) the alcohol fuel credit determined for the taxpayer for the year under section 40(a), (2) the biodiesel fuels credit determined under section 40A(a), and (3) the sustainable aviation fuel credit determined under section 40B(a).

the actual law source: uscode.house.gov ↗public domain

Gross income includes—

(1)

the amount of the alcohol fuel credit determined with respect to the taxpayer for the taxable year under section 40(a),

(2)

the biodiesel fuels credit determined with respect to the taxpayer for the taxable year under section 40A(a), and

(3)

the sustainable aviation fuel credit determined with respect to the taxpayer for the taxable year under section 40B(a).

Source credit: (Added Pub. L. 96–223, title II, § 232(c)(1), Apr. 2, 1980, 94 Stat. 276, § 86; renumbered § 87, Pub. L. 98–21, title I, § 121(a), Apr. 20, 1983, 97 Stat. 80; amended Pub. L. 98–369, div. A, title IV, § 474(r)(3), July 18, 1984, 98 Stat. 839; Pub. L. 108–357, title III, § 302(c)(1)(A), Oct. 22, 2004, 118 Stat. 1465; Pub. L. 117–169, title I, § 13203(e), Aug. 16, 2022, 136 Stat. 1935.)

history & why it existsrecord from the source credit

1980Enacted · Pub. L. 96-223 · 94 Stat. 276
1983Amended · Pub. L. 98-21 · 97 Stat. 80
1984Amended · Pub. L. 98-369 · 98 Stat. 839
2004Amended · Pub. L. 108-357 · 118 Stat. 1465
2022Amended · Pub. L. 117-169 · 136 Stat. 1935

A history note hasn’t been published yet. The record shows enactment by Pub. L. 96-223 on 1980-04-02.

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