New York Form IT-241 (Claim for Clean Heating Fuel Credit) 2026

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The document is a form (IT-241) from the Department of Taxation and Finance for claiming the Clean Heating Fuel Credit under Tax Law Section 606(mm). It includes sections for individuals, partnerships, and estates or trusts to report their eligible bioheating fuel purchases, calculate the credit amount, and provide necessary identifying information. The form outlines how to compute the total clean heating fuel credit based on various inputs related to biodiesel percentages and shares from partnerships or S corporations.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name(s) and identifying number as shown on your tax return at the top of the form.
In Part 1, input the purchase date of the bioheating fuel, followed by the gallons purchased eligible for credit. Specify the percentage of biodiesel per gallon and calculate the total in column D.
If applicable, summarize any additional amounts from other sheets in line 1 and add them to line 2 for your clean heating fuel credit.
For Part 2, provide details about any partnerships or S corporations you were involved with, including their names and employer identification numbers.
In Part 3, enter your share of credits from partnerships or S corporations as instructed, ensuring all totals are accurately calculated.
Complete Parts 4 and 5 by detailing beneficiary information and computing your total clean heating fuel credit based on previous entries.

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Who is eligible for a tax credit?

You may be eligible for the EITC if you have a low income. The amount of credit you get when you file your return can depend on whether you have children, dependents, or a disability. However, you may still be able to claim the EITC even if you do not have a qualifying child.

What is the NYS clean heating fuel tax credit?

The credit is equal to one cent for each percent of biodiesel per gallon of bioheating fuel purchased before January 1, 2026. It may not exceed 20 cents per gallon. Example: On February 1, you purchase 250 gallons of bioheating fuel to be used for residential heating purposes within New York State.

How to record fuel tax credits?

If your business receives fuel tax credits, you can record the amount using a journal entry. The journal entry would involve two categories: A 4-XXXX or 8-XXXX Income category which would be credited. This increases income which amounts to decreasing expense.

What is the clean fuel tax credit?

The Clean Fuel Production Credit is a newly established tax credit for clean fuel production, available beginning January 1, 2025. The income tax credit is for the domestic production of clean transportation fuel, which is divided into two broad categories: sustainable aviation fuel (SAF) and.

How to get fuel on credit?

Fuelcredit is a platform that allows pre-registered users/subscribers buy and pay for fuel (with own money) at partner filling stations without the use of physical debit cards/POS. It also allows qualified credit customers buy fuel on credit to pay later at an agreed time.

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Who can claim fuel credit?

Businesses get a refundable credit for fuel used in a specific work-related activity with the Fuel Tax Credit. To qualify, you must: Own or operate a business. Meet certain requirements, such as running a farm or purchasing aviation gasoline.

What is the maximum fuel you can claim on tax?

Claiming fuel costs without receipts You can claim the fuel you use for work-related purposes without receipts if you use the cents per kilometre method. With this method, you can claim for up to 5,000 km of work-related trips without receipts for the financial year (the rate for 2025-26 is 88c per km).