Aurora Colorado online Form 4136 2024-2025

Aurora Colorado online Form 4136: What You Should Know

The Alternative Fuels Credit is for use in the United States and for purchases from the U.S. government, the states of Colorado and Arizona, and the cities of Aurora, Colorado and Phoenix, Arizona. The credit amount is 2.10 per gallon. How Do You Earn the Credit? You may receive a credit not only for the tax you've paid, but for any part of the tax you've paid: This does not include the part of tax that was refunded. You may also claim the credit on Form 4136, Part II, in which you complete the following information. If you paid more than 4,000 in federal income tax during 2025 because of the Alternative Fuels Credit, then you may receive a credit for this tax (and for any part of the tax you paid) that is equal to: 2.10 × your adjusted gross income (AGI) less any deductions made or allowed for the tax. Any part of the tax you paid that was refunded. What is the Alternative Fuels Credit? The Alternative Fuels Credit provides a tax credit of 2.10 per gallon for fuel purchased with an electric motor. This credit is intended to encourage fuel-efficient use of electricity and diesel, but is not intended to encourage the use of other alternative fuels such as natural gas, gasoline, or kerosene. How Do You Obtain the Credit? To claim the credit on the form you submit, you must do the following: Report the purchase of an electric motor. Fill out and mail Form 4136, Part II, of the sales tax return. Are My Tax Deductions for the Alternative Fuels Tax Full-Refundable? The credit is considered to be fully refundable. This means that, if it is creditable and is shown to be less than 4 per gallon, the entire refund should be taken. However, if the refund amount is greater than: · Your gross income; · your modified adjusted gross income (MAGI); or · a tax liability, the full amount of the credit is taxable. In your case, the full amount of the credit must be taken as a refund. The following rules apply. Taxable credit : Generally, a partial credit is considered to be equal to the amount that would decrease your adjusted gross income (AGI) to zero. If the credit is greater than zero, you should report it using Part III, Tax Withholding and Estimated Tax.

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