Form Ct-241 - Claim For Clean Heating Fuel Credit

Instructions

Page 2 of 2 CT-241 (2012)

Temporary deferral of certain tax credits

Line instructions

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

Part 1 —

Use a separate line for each purchase of bioheat. Attach

January 1, 2013, if the total amount of certain credits that you may use

additional sheets if necessary.

to reduce your tax or have refunded to you is greater than $2 million, the

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

excess over $2 million must be deferred to, and used or refunded in, tax

purchased the bioheat under a plan that requires prepayment for a

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

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

the credit deferral, see Form CT-500, Corporation Tax Credit Deferral.

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

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

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

forms without regard to the deferral. However, the credit amount that

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

is transferred to your tax return to be applied against your tax due

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

or to be refunded to you may be reduced. Follow the instructions for

purchase.

Form CT-500 to determine the amounts to be entered on your tax

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

return.

entered in column A. Attach documentation showing the number of

General information

gallons purchased and the percentage of biodiesel for each gallon

purchased.

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

bioheat used for space heating or hot water production for residential

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

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

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

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

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

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

the percentage of space used for residential purposes.

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

Square footage of residential areas

% used for

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

(excluding common areas)

residential purposes

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

(rounded to four

Total square footage of location

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

(excluding common areas)

decimal places)

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

For purposes of the formula:

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

• Hotels, motels, and similar locations may claim as residential square

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

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

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

90 consecutive days.

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.

• Common area means any area at the premises used without

distinction for both residential and business purposes.

Definitions

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

Bioheat is a fuel comprised of biodiesel blended with conventional

percentage by the number of gallons of bioheat purchased.

home heating oil, which meets the specifications of the American

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

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

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

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

the letter B.

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

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

B100, which meets the specifications of American Society of Testing

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

and Materials designation D 6751.

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

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

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

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

amount entered cannot exceed 20% (.2).

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

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

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

apartment buildings, condominiums, and cooperative apartments. For

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

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

credit to you. Also complete Part 3.

New York State.

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

Corporate partners

line 77, plus any net recaptured tax credits.

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

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

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

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

Also enter the name, employer identification number, and the share of the

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

credit for each partnership in Part 3.

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

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

New York S corporations

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

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

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

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

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

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

wish to apply before your clean heating fuel credit.

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

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

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

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

If your total credits from all sources are $2 million or less, enter the

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

amounts from lines 9, 11, and 12 on your franchise tax return.

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

If your total credits from all sources are more than $2 million, you may

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

be subject to the temporary credit deferral. Complete lines 9, 11, and 12

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

but do not enter the amounts from lines 9, 11, and 12 on your franchise

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

tax return. See Form CT-500 to determine the proper amounts to enter

on their New York State personal income tax returns.

on your franchise tax return.

Combined filers

Need help? and Privacy notification

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

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

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

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

525002120094

Form Ct-241 - Claim For Clean Heating Fuel Credit - 2012 Page 2

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