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IT-241-I

New York State Department of Taxation and Finance

Instructions for Form IT-241

Claim for Clean Heating Fuel Credit

Temporary deferral of certain tax credits

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

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

For tax years beginning on or after January 1, 2010, and

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

before January 1, 2013, if the total amount of certain credits

credit from the entity.

that you may use to reduce your tax or have refunded to you

is greater than $2 million, the excess over $2 million must

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

be deferred to, and used or refunded in, tax years beginning

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

on or after January 1, 2013. For more information about the

Fiduciary Income Tax Return, showing each beneficiary’s

credit deferral, see Form IT-500, Income Tax Credit Deferral.

share of the credit.

If you are subject to the credit deferral, you must complete

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

all credit forms without regard to the deferral. However, the

Partnership Return, showing the total amount of credit.

credit amount that is transferred to your tax return to be

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

applied against your tax due or to be refunded to you may be

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

reduced. Follow the instructions for Form IT-500 to determine

are a shareholder in an S corporation that made the election

the amounts to enter on your tax return.

under Tax Law section 660, obtain your share of the

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

General information

Form IT-241.

What is the clean heating fuel credit?

Specific instructions

The clean heating fuel credit is available to taxpayers for

the purchase of bioheat that is used for space heating or

See the instructions for your tax return for the Privacy

hot water production for residential purposes within New

notification or if you need help contacting the Tax

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

Department.

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

Individual (including sole proprietor) and partnership:

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

Complete Parts 1 and 5.

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

before January 1, 2017.

A married couple in a business enterprise that made an

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

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

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

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

your credit amount as if you were filing one federal

per gallon. To substantiate how the credit was computed,

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

taxpayers should keep copies of all invoices or bills from the

amounts from both federal Schedule C forms). Complete

supplier(s) that include all of the following:

Parts 1 and 5.

• date of purchase,

Fiduciary: Complete Parts 1, 4 and 5.

• number of gallons of bioheat purchased, and

Partner in a partnership, shareholder of a New York

• the percentage of biodiesel included in the bioheat.

S corporation, and beneficiary of an estate or trust:

Note: The percentage of biodiesel included in the bioheat

Complete Parts 2, 3, and 5.

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

bioheat designation. For example, bioheat designated B5

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

contains 5% biodiesel.

all appropriate parts on one Form IT-241.

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

Part 1 – Individual (including sole proprietor),

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

partnership, and estate or trust

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

tax to be credited or refunded without interest.

Enter the information relating to each purchase of bioheat

used for space heating or hot water production for residential

Who is eligible to claim this credit?

purposes within New York State made during the tax year in

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

• individuals,

of bioheat. Include additional sheets if necessary.

• estates or trusts,

Bioheat is a fuel comprised of biodiesel blended with

• partners in a partnership (including members of a limited

conventional home heating oil, which meets the

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

specifications of the American Society of Testing and

federal income tax purposes),

Materials designation D 396 or D 975.

• shareholders of a New York S corporation, and

Biodiesel is a fuel comprised exclusively of mono-alkyl

• beneficiaries of an estate or trust.

esters of long chain fatty acids derived from vegetable oils

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

How to claim the credit

meets the specifications of the American Society of Testing

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

and Materials designation D 6751.

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

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

Instructions For Form It-241 -I (2012) - Claim For Clean Heating Fuel Credit - New York State Department Of Taxation And Finance

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