New York Claim for Clean Heating Fuel Credit
The New York Claim for Clean Heating Fuel Credit allows individuals, partnerships, and fiduciaries to claim a credit for purchasing bioheating fuel used for residential space heating or hot water production within New York State. This credit supports the use of cleaner, renewable heating fuels and reduces reliance on fossil fuels.
Eligible Taxpayers
- Individuals: Including sole proprietors, who purchase bioheating fuel for residential use.
- Partnerships: Must report their share of the credit on Form IT-204.
- Fiduciaries: Estates and trusts must report the credit on Form IT-205, but cannot enter amounts on lines 7 and 8 of Form IT-241.
How to Claim the Credit
Complete Form IT-241, which includes the following sections:
- Part 1: Enter details of each bioheating fuel purchase made during the tax year. Use a separate line for each purchase.
- Part 5: Compute the credit amount. Individuals enter the amount from line 10 and code 3017 on Form IT-201-ATT, line 12, or Form IT-203-ATT, line 12.
- Part 2: For partnerships, New York S corporations, estates, and trusts, provide information about the entity from which you received a share of the credit.
Reporting Requirements
- Individuals must report their share of the credit on their personal income tax return.
- Partnerships must report the total credit on Form IT-204, line 147, using code 301.
- Fiduciaries must include the credit amount from line 10 and code 307 on Form IT-205, line 33.
Additional Notes
- Only New York source income is considered for credit allocation.
- Partnerships must provide a statement showing the name, address, and share of the credit allowable for each taxpayer.
- For more information, refer to the official instructions for Form IT-241.
Source:
Form IT-2658 Instructions
Disclaimer: Always verify details with official forms and instructions from the New York State Department of Taxation and Finance or Federal IRS publications. OLT (Online Taxes) provides guidance based on retrieved context and does not guarantee accuracy for all individual circumstances.