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New audit points to fraud potential in tax credit program for biofuels
Policy
US RFS News
Wednesday, 8th May 2024
US Treasury Inspector General for Tax Administration

The Treasury Inspector General for Tax Administration, or TIGTA, examined compliance procedures at the Internal Revenue Service and said after sampling 124 taxpayers claiming biofuel credits, 42 had not submitted the proper documentation. The erroneous claims in the sample, which included credits for alternative fuels (like liquified petroleum gas) and biodiesel, amounted to more than $30 million out of the roughly $252 million in credits claimed in the sample.

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