Fuel Co. Can't Get $5.5M Credit For Raw Materials, Feds Say

By Vidya Kauri (March 20, 2017, 8:15 PM EDT) -- A Florida grease recycling plant suing the federal government to recover more than $5.5 million in taxes is improperly trying to claim tax credits for raw materials that were not part of the final fuel mixtures it sold, according to an IRS court filing Friday.

Affordable Bio Feedstock Inc. sued the government in a Florida federal court in November claiming that the Internal Revenue Service erroneously and illegally collected more than $5.5 million in income and excise taxes for the 2010 and 2011 tax years, when it sold mixtures of diesel fuel and biofuel principally derived from the byproducts of cooking,...

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