Form IT-241 Claim for Clean Heating Fuel Credit Tax Year: Fill out & sign online

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What is the NYS clean heat 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 do I claim biodiesel tax credit?

To claim the credit, report the tax-paid biodiesel portion of the dyed blended biodiesel fuel removed on disbursement Schedule 13M, Tax-Paid Fuel Removed From a Terminal.

How does the biodiesel tax credit work?

The BTC was created under the American Jobs Creation Act of 2004 and has been amended over time. In its current form, qualified taxpayers may claim the tax credit, at $1.00 per gallon, when the required amount of biodiesel or renewable diesel is blended with petroleum diesel for sale or use in a trade or business.

What is the biodiesel tax credit for 2023?

Beginning January 1, 2023, fueling equipment for natural gas, propane, hydrogen, electricity, E85, or diesel fuel blends containing a minimum of 20% biodiesel, is eligible for a tax credit of 30% of the cost or 6% in the case of property subject to depreciation, not to exceed $100,000.

Is the $1 per gallon biodiesel tax credit?

Qualified biodiesel producers or blenders are eligible for an income tax credit of $1.00 per gallon of pure biodiesel (B100) or renewable diesel produced or used in the blending process.

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