Alcohol Fuels Credit

DEFINITION of 'Alcohol Fuels Credit'

One of several general business credits included on the General Business Tax Credit Form 3800. The alcohol fuels credit is a nonrefundable credit that is equal to the amount of alcohol used to manufacture an alcohol-based fuel for sale or use in a taxpayer's business.

BREAKING DOWN 'Alcohol Fuels Credit'

The alcohol fuels credit is claimed on IRS Form 6478. In 2010, businesses could claim up to 60 cents per gallon depending on the proof and type of alcohol used.

RELATED TERMS
  1. Business Tax Credits

    A number of federal income tax credits available to businesses ...
  2. Trade Credit

    An agreement where a customer can purchase goods on account (without ...
  3. Non-Refundable Tax Credit

    A tax credit that can't reduce the amount of tax owed to less ...
  4. Additional Child Tax Credit

    A refundable credit that can be claimed by taxpayers who are ...
  5. Alternative Motor Vehicle Credit

    A tax credit given to individuals who purchase vehicles that ...
  6. Work Opportunity Tax Credit

    A separate, nonrefundable credit that is part of the general ...
Related Articles
  1. Markets

    Beam Looks To Take Maker's Mark Further

    Beam announced that it was reducing the alcohol content of its Maker's Mark bourbon in order to increase supply of the popular product.
  2. Personal Finance

    Business Vs. Consumer Credit Reports: What's the Difference?

    Find out the difference between a business credit report and a personal credit report, and why it should matter for business owners.
  3. Personal Finance

    Revolving Credit vs. Line of Credit

    Revolving credit and a line of credit are arrangements made between a lending institution and a business or individual.
  4. Personal Finance

    The Basics Of Lines Of Credit

    Lines of credit are potentially useful hybrids of credit cards and normal loans. Learn how a line of credit can help (and hurt) your finances, and how to find the best one to suit your needs. ...
  5. Personal Finance

    Use Your Credit Card To Boost Your Credit Score

    Misusing credit cards can blow your credit – but using them well can boost your score. How to grow a history, fix bad credit, make good credit even better.
  6. Personal Finance

    The Pros And Cons Of Small Business Credit Cards

    Business owners have many financial tools at their disposal. Should a credit card be one of them?
  7. Personal Finance

    A Quick Way to Boost Your Credit Score

    The easiest technique ever for raising your credit score. Why don't more people use it?
  8. Personal Finance

    The Small Business Jobs Act: Make It Work For You

    Understanding how to manage business credit is the key to obtaining small business loans.
  9. Personal Finance

    The History Of Taxes In The U.S.

    The number of taxes that we now consider a given did not always exist. Find out how they arose.
  10. Personal Finance

    9 Ways To Improve Your Credit Score Today

    When it comes to finances, there are a number of goals that you might have established, such as saving money, paying down debt or new investments.
RELATED FAQS
  1. Is it possible to have a credit limit that's too high?

    Avoid these pitfalls when working with high credit limits, and learn how to increase your credit score by increasing your ... Read Answer >>
  2. What are some good alternatives to taking out a line of credit?

    Read more about how opening a line of credit might not be the best answer for you and determine available alternatives if ... Read Answer >>
  3. What information do lenders need when I apply for a credit limit increase?

    Increase your credit limit by making sure your current credit is paid on time and by paying the largest amount you can afford ... Read Answer >>
  4. What are some examples of good situations in which to use revolving credit?

    Learn how to use revolving credit responsibly, and find out how to avoid major credit problems with your revolving credit ... Read Answer >>
  5. What are the differences between revolving credit and a line of credit?

    Understand how to differentiate between a line of credit and a revolving credit account, and find out why business owners ... Read Answer >>
  6. What's the difference between a credit bureau and a credit rating agency?

    Learn the differences between credit bureaus that report on individuals' creditworthiness and credit rating agencies that ... Read Answer >>
Trading Center