Form 4136 for Chico California 2024-2025

Form 4136 for Chico California: What You Should Know

SB 1×26 SB 1×27 — what is a credit, and how to claim.  What's included in the form, and  how to claim. California State Assembly Bill 1×26 (AB 1) provides an expanded tax credit for energy efficient improvements and a reduced tax credit for qualified alternative fuels. AB 1 also offers lower gasoline and diesel fuel rates. The new credit amount is 15 per half gallon for fuels used during the period of December 1, 2017, to December 1, 2021, for vehicles registered in California and that meet certain emissions standards for emissions from diesel cars and light-duty trucks. The credit is also available for biodiesel, which qualifies for the credit. SB 1×27 reduces the credit amount at the following rates: • A credit of 3 per half gallon for fuels used for heavy-duty trucks used in the transportation of cargo valued at 60,000 or more. (The amount is reduced 3 for each one-half gallon increase in the heavier or heavier-duty equipment's Gross Vehicle Weight Rating as defined in Section 5707. (AB 266)). • A credit of 12 per half gallon for diesel oil and diesel fuel combined. SB 1×27 also provides a credit for qualified alternative fuel purchases, but only if the cost of the vehicle can be less than 50,000. (AB 267). The cost is 51,500 for motorcycles, light-duty truck, and sport utility vehicle and 45,000 for motor homes and other commercial vehicles. (AB 267). The credit only applies to fuel used during the period of December 1, 2017, to December 1, 2021. It does not apply to fuels that are not eligible for the federal credit. The credit is effective for the year in which the vehicle is registered. It can be claimed as a refundable credit against the sales or use tax if you paid the bill in advance and the tax was not paid on the payment date. The credit can't be claimed to any tax other than the sales tax unless you were required to use the vehicle for work. The credit is not subject to Federal or State income tax withholding. If you claim the credit, the amount of the credit is withheld from your federal income tax payment. The credit is reported to the IRS on Form 1040, line 15, line 27 or Form 1040NR, line 9c.

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