Instructions For Form It-254 - Claim For Residential Fuel Oil Storage Tank Credit Personal Income Tax - New York State Department Of Taxation And Finance - 2003
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4New York State Department of Taxation and Finance
IT-254- I
Instructions for Form IT-254
Claim for Residential Fuel Oil Storage Tank Credit
Personal Income Tax
Important notice for tax year 2003
Who must file
File Form IT-254 if you are an individual, a partnership, or an
If you removed or permanently closed a residential fuel oil
estate or trust, and you qualify for the credit. In addition, if you
storage tank after December 31, 2001, but before April 1, 2002,
are a partner in a partnership (including members of an LLC
and you did not install a new tank (to replace the tank that was
treated as a partnership for federal income tax purposes) or a
removed or permanently closed) until tax year 2003, see
beneficiary of an estate or trust, file Form IT-254 to claim your
Amount of credit: For tanks removed, or permanently closed
share of the credit from your entity.
after December 31, 2001, but before April 1, 2002, on page 2.
If you removed or permanently closed a residential fuel oil
A partnership must file Form IT-254 with Form IT-204,
storage tank after March 31, 2002, but did not install a new
Partnership Return , showing the partnership’s total credit for the
residential fuel oil storage tank (to replace the tank that was
residential fuel oil storage tank.
removed or permanently closed) until after December 31, 2002,
you may claim a credit on your 2003 personal income tax return,
Definitions
provided the replacement tank was installed prior to
Residential fuel oil storage tank means a tank used to supply
January 1, 2004.
heating fuel to qualified residential property. It also includes a
tank used to supply heating fuel to qualified residential property
Tax year 2003 is the last year you may make a new claim for
where a portion of the residence is used for commercial
the residential fuel oil storage tank credit for the removal or
purposes.
permanent closure of an unprotected residential fuel oil storage
Heating fuel means fuel oil or kerosene. It does not include
tank, and the purchase and installation of a replacement tank.
propane, natural gas, or gasoline.
However, any unused credit from a prior year in which the credit
was allowed can be carried over to tax years after 2003.
Qualified residential property means a single-family, two-family,
three-family, or four-family residence located in New York State.
General information
Unprotected tank means a bare steel tank that does not have
provisions to prevent corrosion (such as a double wall or
Effective January 1, 2001, through March 31, 2002,
cathodic protection).
section 606(p-1) of the New York State Tax Law allows a credit
Permanently closing a residential fuel oil storage tank means
to eligible taxpayers for the cost of removal and the cost of
the tank has been left in place but has been permanently taken
permanent closure of an unprotected residential fuel oil storage
out of service in compliance with all state and local laws and
tank, and the installation costs of a new residential fuel oil
codes.
storage tank used to provide heating fuel for qualified residential
property located in New York State. To claim the credit, you must
Removal of a residential fuel oil storage tank means the tank
have incurred the cost of tank removal, closure, or replacement.
has been removed from the property in compliance with all state
and local laws and codes.
Effective April 1, 2002, section 606(p-1) of the Tax Law was
Costs include all costs associated with the removal or
amended. If you removed or closed a residential fuel oil storage
permanent closure of an existing unprotected tank and the
tank after March 31, 2002, but before January 1, 2004, a credit
purchase and installation of a new tank, including but not limited
is allowed only if a new residential fuel oil storage tank is
to, costs for labor and materials, cleanup costs if a leak is found,
purchased and installed to replace the tank that was removed or
and excavation costs necessary to remove an existing tank or
permanently closed. The new tank must be used to provide
install a new tank and return the land to its original state. Costs
heating fuel for qualified residential property located in New York
do not include the costs necessary to hook up the qualified
State. The credit is allowed for the year in which the
property to an alternative fuel (such as natural gas) after the
replacement tank is installed. To claim this credit, you must have
removal or closure of an existing tank. Furthermore, costs do
incurred the total cost of tank replacement.
not include financing or interest charges.
The credit is not refundable, but any unused credit may be
A new residential fuel oil storage tank means a new tank that
carried forward to future years (including tax years after 2003).
has been installed in conformance with all state and local laws
For more information on this credit, see Publication 64-W, FAQs:
and codes and manufacturers’ directions.
Residential Fuel Oil Storage Tank Credit .
Your local fire and building inspector, heating oil supplier, or
contractor dealing with heating oil tanks should be able to
Who is eligible
provide you with additional information regarding the
• Individuals, estates, and trusts.
procedures for tank removal, closure, and replacement in your
area.
• Partners in a partnership, including members of an LLC that
is treated as a partnership for federal income tax purposes.
• Beneficiaries of an estate or trust.
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