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Form IT-241 Claim for Clean Heating Fuel Credit Tax Year 2024

Form IT-241 Claim for Clean Heating Fuel Credit Tax Year 2024-2025

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The document is a tax form (IT-241) for claiming the Clean Heating Fuel Credit under New York Tax Law Section 606(mm). It outlines the necessary information and calculations required for individuals, partnerships, and trusts to report their share of the clean heating fuel credit. The form includes sections for entering identifying information, details about partnerships or S corporations, and computations related to the credit based on biodiesel usage.

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What is tax paid fuel?

Motor fuel taxes are taxes levied on gasoline, diesel, and gasohol (a mixture of ethanol and unleaded gasoline). State and local governments collected a combined $53 billion in revenue from motor fuel taxes in 2021. Most states levy per unit taxes based on how many gallons of gasoline a consumer purchases.

What is the 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.

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 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 clean heating fuel credit?

The clean heating fuel credit is available to taxpayers for the purchase of bioheating fuel used for space heating or hot water production for residential purposes within New York State. The bioheating fuel must contain at least 6% biodiesel per gallon.

How do fuel rebates work?

Fuel tax rebates are refunds provided by the government to businesses that use fuel for specific purposes other than driving on public highways. These rebates are given as a check and can be applied to various fuel types, including gasoline, diesel, and other alternative fuels.

Form IT-241 Claim for Clean Heating Fuel Credit Tax Year 2024-2025

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What is tax paid fuel?

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

Who qualifies for the fuel tax credit?

What is the clean fuel tax credit?

What is clean heating fuel credit?

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Form IT-241 Claim for Clean Heating Fuel Credit Tax Year 2024-2025

Here's how it works

The fastest way to redact Form IT-241 Claim for Clean Heating Fuel Credit Tax Year 2024 online

Complete this form in 5 minutes or less

Got questions?

What is tax paid fuel?

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

Who qualifies for the fuel tax credit?

What is the clean fuel tax credit?

What is clean heating fuel credit?

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People also ask

How do fuel rebates work?

Related links

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