Refundable Clean Heating Fuel Tax Credit (Corporate) (New York)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Refundable Clean Heating Fuel Tax Credit (Corporate)|
|Incentive Type||Corporate Tax Credit|
|Energy Category||Renewable Energy Incentive Programs|
|Amount||0.01/gallon for each percent of biodiesel|
|Carryover Provisions||No carryover; tax credit is refundable|
|Equipment Requirements||Must be used for residential space heating or hot water production within New York State|
|Start Date||01/01/2008 (2008 reinstatement)|
|Program Administrator||New York State Department of Taxation and Finance|
|References||DSIREDatabase of State Incentives for Renewables and Efficiency|
The state of New York began offering a corporate income tax credit for biodiesel purchases used for residential space heating and water heating beginning in 2006. The original credit was authorized for only one year from July 1, 2006 to June 30, 2007. However, in 2008 the law was amended to reinstate the credit for purchases made between January 1, 2008 and December 31, 2011. The window was extended through December 31, 2016 by A.B. 7793 in October 2011. Eligible taxpayers are defined as corporations that are subject to the franchise tax on business corporations, including a corporation that is a partner in a partnership.
The value of the tax credit is $0.01/gallon for each percent of biodiesel blended with conventional home heating oil, up to a maximum of $0.20/ gallon. In other words, the purchaser of a mixture of 10% biodiesel and 90% conventional heating oil is entitled to a tax credit of $0.10/gallon. Biodiesel is defined to include certain fuels created from both animal fats and vegetable oils. Biodiesel use in buildings with both residential and non-residential space and a common oil storage tank is eligible for a partial credit based on the percentage of square footage used for residential purposes. If a taxpayer's allowable credit exceeds their tax liability for a given year, the remaining credit is refunded rather than carried over to a subsequent tax year.
In order to claim the tax credit corporate income taxpayers must complete Form CT-241, which is available on the New York State Department of Taxation and Finance web site.
|Contact Name||Taxpayer Assistance - Corporate Tax Information Center|
|Department||New York State Department of Taxation and Finance|
|Address||W.A. Harriman Campus|
|Place||Albany, New York|
|Phone 2||(888) 698-2908|
Authorities (Please contact the if there are any file problems.)
|Authority 1:||NYCL Tax § 210.39|
|Date Effective||01/01/2008 (2008 reinstatement)|
|Date Enacted||05/21/2006 (subsequently amended)|
|Expiration Date||12/31/2016 (2011 extension)|
|Authority 2:||A.B. 7793|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.