Instructions For Form It-241-I, Claim For Clean Heating Fuel Credit, New York State Department Of Taxation And Finance printable pdf download

IT-241-I

New York State Department of Taxation and Finance

Instructions for Form IT-241

Claim for Clean Heating Fuel Credit

General information

Specific instructions

See the instructions for your tax return for the Privacy

What is the clean heating fuel credit?

notification or if you need help contacting the Tax

The clean heating fuel credit is available to taxpayers for

Department.

the purchase of bioheat that is used for space heating or

Individual (including sole proprietor) and partnership:

hot water production for residential purposes within New

Complete Parts 1 and 5.

York State. The credit is available for tax years beginning on

or after January 1, 2006, and before January 1, 2017, and

A married couple in a business enterprise that made an

applies to bioheat purchased on or after July 1, 2006, but

IRC 761(f) election to file two federal Schedule C forms

before July 1, 2007, and on or after January 1, 2008, but

instead of a partnership return: If you file jointly, compute

before January 1, 2017.

your credit amount as if you were filing one federal

Schedule C for the business (enter the total of all applicable

The credit amount equals $.01 per gallon for each percent

amounts from both federal Schedule C forms). Complete

of biodiesel included in the bioheat, not to exceed $.20

Parts 1 and 5.

per gallon. To substantiate how the credit was computed,

taxpayers should keep copies of all invoices or bills from the

Fiduciary: Complete Parts 1, 4 and 5.

supplier(s) that include all of the following:

Partner in a partnership, shareholder of a New York

• date of purchase,

S corporation, and beneficiary of an estate or trust:

• number of gallons of bioheat purchased, and

Complete Parts 2, 3, and 5.

• the percentage of biodiesel included in the bioheat.

Note: If more than one of the above applies to you, complete

Note: The percentage of biodiesel included in the bioheat

all appropriate parts on one Form IT-241.

is the number or numbers preceded by the letter B in the

bioheat designation. For example, bioheat designated B5

Part 1 – Individual (including sole proprietor),

contains 5% biodiesel.

partnership, and estate or trust

The credit is claimed for the tax year in which the bioheat is

Enter the information relating to each purchase of bioheat

purchased. If the amount of the credit exceeds the taxpayer’s

used for space heating or hot water production for residential

tax for the year, the excess is treated as an overpayment of

purposes within New York State made during the tax year in

tax to be credited or refunded without interest.

columns A through D. Use a separate line for each purchase

of bioheat. Include additional sheets if necessary.

Who is eligible to claim this credit?

Bioheat is a fuel comprised of biodiesel blended with

• individuals,

conventional home heating oil, which meets the

• estates or trusts,

specifications of the American Society of Testing and

Materials designation D 396 or D 975.

• partners in a partnership (including members of a limited

liability company (LLC) that is treated as a partnership for

Biodiesel is a fuel comprised exclusively of mono-alkyl

federal income tax purposes),

esters of long chain fatty acids derived from vegetable oils

• shareholders of a New York S corporation, and

or animal fats, designated B100 (pure biodiesel), which

• beneficiaries of an estate or trust.

meets the specifications of the American Society of Testing

and Materials designation D 6751.

How to claim the credit

Residential purposes means any use of a structure, or part

File Form IT-241 if you are an individual, a partnership, or

of a structure, as a place of abode maintained by or for a

an estate or trust and you qualify for the credit. In addition,

person, whether or not owned by the person, on other than

if you are a partner in a partnership (including members of

a temporary or transient basis. This includes multi-family

an LLC treated as a partnership for federal tax purposes), a

dwelling units such as multi-family homes, apartment

shareholder of a New York S corporation, or a beneficiary of

buildings, condominiums, and cooperative apartments. The

an estate or trust, file Form IT-241 to claim your share of the

structure must be located in New York State.

credit from the entity.

Residential purposes do not include the part of a structure

An estate or trust that divides the credit among itself and its

used as a hotel, motel, or similar space, except for those

beneficiaries must submit Form IT-241 with Form IT-205,

units used by the same occupant for at least 90 consecutive

Fiduciary Income Tax Return, showing each beneficiary’s

days.

share of the credit.

Column A – Enter the date the bioheat was purchased.

Partnerships must file Form IT-241 with Form IT-204,

If you purchased the bioheat under a plan that requires

Partnership Return, showing the total amount of credit.

prepayment to the supplier for a stipulated number of gallons

of bioheat at a fixed price, enter the date of the prepayment

An S corporation does not file Form IT-241; it must file

as the date of purchase. If you purchased the bioheat

Form CT-241, Claim for Clean Heating Fuel Credit. If you

through a budget payment plan where you make monthly

are a shareholder in an S corporation that made the election

payments to the supplier and the supplier deducts the

under Tax Law section 660, obtain your share of the

amount of the sale from your account at the time of delivery,

corporation’s credit from the S corporation and report it on

enter the date of delivery as the date of purchase.

Form IT-241.

Instructions For Form It-241-I, Claim For Clean Heating Fuel Credit, New York State Department Of Taxation And Finance

Related Articles

Related forms

Related Categories