Bio-Heat Tax Credits
Bio-Heat Fuel : Readily Available Renewable Energy
Understanding Efficiency, Environmental Impact, and Sustainability for Residential and Commercial Heating Needs
While you can use Bioheat® fuel in your current heating equipment, there are plenty of savings opportunities available if you decide to upgrade to high-efficiency heating equipment. Rebates and tax credits are ready to use to help you make the change and save even more money over time.
The heating oil industry has worked tirelessly over the past two decades to change the heating oil supply to include higher amounts of clean-burning, renewable Bioheat® Fuel. Increasing the blend ratio makes heating oil a low-carbon and sustainable heat source available for your property now. Industry leaders are committed to a decarbonization strategy to reach a 50-percent biodiesel blend by 2030, which aligns with the carbon-reduction targets being set by many New York City neighborhoods.
Bio-Fuel Rebates & Incentives
New York State offers a tax credit to encourage properties to use Bioheat fuel, a clean-burning renewable energy source. The credit is equal to one cent for each percentage point of biodiesel in the fuel, up to a maximum of 20 cents per gallon. The credit is claimed in the tax year the fuel is purchased and can be applied to state income taxes.
You can file & claim up to 3 years prior and collect tax credits by filing these forms out, following our guidance and collecting proper consumption reports. Prior to this year, 2014/2015 the mandate was 2% Bio-Blend and you are entitled to claims at 2 cents per gallon dating back to previous years.
To claim the credit, property managers & residents can complete Form IT-241 and file it with their taxes. The form is available for download from here on our website.
CLICK LINK BELOW TO DOWNLOAD THE TAX CREDIT FORM
https://www.tax.ny.gov/pdf/current_forms/ct/ct241.pdf