Ct-241, 2014, Claim For Clean Heating Fuel Credit (Page 2 of 2) in pdf

Instructions

Page 2 of 2 CT-241 (2014)

General information

If bioheat is purchased for a location that has both business and

residential space, but has only one tank for the storage and use of

Tax Law section 210.39 provides for a tax credit for the purchase of

bioheat fuel, the taxpayer must use the following formula to determine

bioheat used for space heating or hot water production for residential

the percentage of space used for residential purposes.

purposes within New York State. The credit is equal to one cent for

Square footage of residential areas

% used for

each percent of biodiesel per gallon of bioheat purchased on or after

(excluding common areas)

July 1, 2006, and before July 1, 2007; and on or after January 1, 2008,

residential purposes

(rounded to four

and before January 1, 2017. The amount of the credit may not exceed

Total square footage of location

(excluding common areas)

decimal places)

20 cents per gallon. The credit may not reduce the tax liability to less

than either the tax on the minimum taxable income base or the xed

For purposes of the formula:

dollar minimum tax, whichever is greater. Any amount not used in the

current tax year may be refunded or credited as an overpayment to the

footage only those units used by the same occupant for more than

next year’s tax. No interest will be paid on the refund.

90 consecutive days.

Attach documentation showing the date of the purchase, the amount,

Common area means any area at the premises used without

and the percent of biodiesel in the bioheat purchased by you and

distinction for both residential and business purposes.

claimed on this form. The credit must be claimed for the tax year in

which the bioheat is purchased, regardless of when the bioheat is used.

To determine the number of gallons eligible for the credit, multiply the

percentage by the number of gallons of bioheat purchased.

Deﬁnitions

Column C — Enter the percentage of biodiesel per gallon of bioheat

Bioheat is a fuel comprised of biodiesel blended with conventional

purchased. This percentage will be listed on your receipt preceded by

home heating oil, which meets the speci cations of the American

the letter B.

Society of Testing and Materials designation D 396 or D 975.

Example: If B5 is shown in the description of the bioheat on your

Biodiesel is a fuel comprised exclusively of mono-alkyl esters of long

receipt, the bioheat contains 5% biodiesel. In that case, you would

chain fatty acids derived from vegetable oils or animal fats, designated

enter .05 in column C for that purchase. If the receipt showed B20,

B100, which meets the speci cations of American Society of Testing

the bioheat is 20% biodiesel and you would enter .2 in column C. The

and Materials designation D 6751.

amount entered cannot exceed 20% (.2).

Residential purposes means any use of a structure, or part of a structure,

Column D — Add the column D amounts and enter the result on line 1.

as a place of abode maintained by or for a person, whether or not

Line 2 — Obtain this amount from the partnership(s) allocating this

owned by such person, on other than a temporary or transient basis.

credit to you. Also complete Part 3.

This includes multi-family dwelling units such as multi-family homes,

apartment buildings, condominiums, and cooperative apartments. For

Part 2

purposes of the clean heating fuel credit, the structure must be located in

Line 4 — Enter the amount from Form CT-3, line 78, or Form CT-3-A,

New York State.

line 77, plus any net recaptured tax credits.

Corporate partners

Line 5 — You must apply certain credits before the clean heating fuel

If you are a corporate partner, enter on line 2 any pro rata share of the

credit. Refer to Form CT-600-I, Instructions for Form CT-600, for the

clean heating fuel credits passed through to you from the partnership.

proper ordering of your credits. If you are claiming more than one credit,

Also enter the name, employer identi cation number, and the share of the

enter the total amount of credits applied against the current year’s

credit for each partnership in Part 3.

corporation franchise tax before the clean heating fuel credit. If the clean

heating fuel credit is the only credit you are applying against the current

New York S corporations

year’s tax, enter 0. If you are included in a combined return, include any

New York S corporations will calculate a clean heating fuel credit,

amount of tax credit(s), including the clean heating fuel credit that you

however the S corporation may not use the credit against its own

wish to apply before your clean heating fuel credit.

tax liability. Instead the credit is passed through to the shareholders

Lines 9, 11, and 12 — On line 9, enter the lesser of line 3 or line 8.

to use against their personal income tax liabilities on their New York

Transfer the amounts from lines 9, 11, and 12 to your franchise tax

State tax returns. New York S corporations complete only Part 1.

return.

Include the line 3 amount on Form CT-34-SH, New York S Corporation

Shareholders’ Information Schedule, which is led with your New York

Need help? and Privacy notiﬁcation

State corporation tax return. Attach a copy of Form CT-241 to your

See Form CT-1, Supplement to Corporation Tax Instructions.

Form CT-3-S. Provide all shareholders with the amount of their pro rata

share of the clean heating fuel credit calculated. The shareholders will

le Form IT-241, Claim for Clean Heating Fuel Credit, to claim the credit

on their New York State personal income tax returns.

Combined ﬁlers

A taxpayer ling as a member of a combined group is allowed to claim

the clean heating fuel credit. The clean heating fuel credit is computed

on a separate basis, but is applied against the combined tax.

Line instructions

Part 1 —

Use a separate line for each purchase of bioheat. Attach

additional sheets if necessary.

Column A — Enter the date the bioheat was purchased. If you

purchased the bioheat under a plan that requires prepayment for a

stipulated number of gallons of bioheat at a xed price, enter the date of

the prepayment as the date of purchase. If you purchased the bioheat

through a payment (budget) plan where you make monthly payments to

the supplier and the supplier deducts the amount of the sale from your

account at the time of delivery, enter the date of delivery as the date of

purchase.

Column B — Enter the gallons of bioheat purchased on the date

entered in column A. Attach documentation showing the number of

gallons purchased and the percentage of biodiesel for each gallon

purchased.

525002140094

Ct-241, 2014, Claim For Clean Heating Fuel Credit Page 2

Related Articles

Related forms

Related Categories