Volumetric Excise Tax Credit (VETC)

3 Months Ended

Mar. 31, 2013

Volumetric Excise Tax Credit (VETC)

Volumetric Excise Tax Credit (VETC)

Note 19—Volumetric Excise Tax Credit (VETC)

On January 2, 2013, the American Taxpayer Relief Act was signed into law which extended VETC through December 31, 2013 and made it retroactive to January 1, 2012. The Company records its VETC credits as revenue in its condensed consolidated statements of operations as the credits are fully refundable and do not need to offset income tax liabilities to be received. VETC revenues recognized during the three month period ended March 31, 2013 was $26,217, which includes $20,800 for the 2012 VETC credits.