Farm fuel tax credit Form 2023-2024

Farm fuel tax credit Form: What You Should Know

The tax credit for gasoline used either in or on the farm for farming purposes is limited. However, the tax credit for gasoline used for any of the following purposes without regard  to the use of gasoline for farming purposes is generally unlimited. (1) To transport animals, poultry, or milk to or from dairy products or other foodstuffs, or from dairy products or other foodstuffs to feed or beverages; (2) To transport livestock to or from a processing area; (3) To transport livestock for food production, including livestock or poultry to or from a slaughter plant; (4) To transport livestock to or from a ranch for farm-raised meat, poultry or milk products; or (5) To transport livestock to or from a feed lot. The amount of the tax credit for any of the purposes described under (1) and (4) above is 2.83. The use of gasoline in any other application of fertilizer, pesticides, or other substances for farm activities is not a basis for determining the amount of the tax credit. The credit amounts  for gasoline and for other fuels used in farm activities may be combined and claimed for one year by a single taxpayer. The tax credit for the use of this fuel for any of the purposes described  above also may be claimed in one year by a single taxpayer. For Example : If the use is for food production, or for the operation of a ranch, each use for those purposes may reduce the tax credit amount by 1.23. Use of Gasoline For Fishing.  The tax credit allowed for gasoline and diesel fuel used by fishermen who are fishing, or who are engaged in other similar fishing activities, for any of the purposes described under (1) and (4) above. . For Example : If, for example, a manufacturer of fishing tackle pumps is engaged in the manufacture of, or is conducting, fishing tackle pumps, and the fishermen fish, then they may claim a tax credit for the gasoline and diesel they use for fishing.

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