Get the up-to-date New York Form IT-241 (Claim for Clean Heating Fuel Credit) 2025 now

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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 fiduciaries to report their eligible bioheating fuel purchases, calculate the credit amount, and provide necessary identification details. The form requires submission alongside other tax forms and outlines how to compute and allocate the clean heating fuel credit.

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What is Form 4136 credit for federal tax paid on fuels?

Use Form 4136 to claim: A credit for certain nontaxable uses (or sales) of fuel during your income tax year. The alternative fuel credit. Aa credit for blending a diesel-water fuel emulsion.

What is the New York state tax on gasoline?

Gas Tax by State StateGasoline Tax New York $0.2455 / gallon North Carolina $0.403 / gallon North Dakota $0.230 / gallon Ohio $0.385 / gallon47 more rows Dec 13, 2024

Who qualifies for the fuel tax credit?

The credit is available only for nontaxable uses of gasoline, aviation gasoline, undyed diesel and undyed kerosene. Nontaxable uses are purposes where fuel isnt used for regular driving purposes, such as: On a farm for farming purposes.

What is the New York State energy tax credit?

New York solar tax credit The New York Solar Energy System and Equipment Tax Credit equals 25% of solar installation costs up to $5,000. The tax credit reduces your state income tax liability. The average solar installation in New York will earn a state solar tax credit of about $4,830.

What is the $2000 energy tax credit?

If you an efficient heat pump, you are eligible for a federal tax credit that will cover 30% up to $2,000 of the heat pump cost and installation. This tax credit through the Inflation Reduction Act is available through 2032 and is capped at $2,000 per year.

it 241 form

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What is the clean fuel tax credit?

Beginning January 1, 2025, the Treasury Department will offer tax credits for the production and sale of low emission transportation fuels, including sustainable aviation fuel (SAF). The tax credit amount is $0.20 per gallon for non-aviation fuel and $0.35 per gallon for SAF.

What is the NY state fuel tax credit?

The NY State Clean Fuel Credit applies to state income taxes. Its determined by the amount of Bioheat fuel you purchased for the year, with the credit calculated at $. 01 per percentage point of biodiesel in your Bioheat heating oil blend.