Bioheat® Tax Credits Provide Extra Holiday Cheer
This time of year, in between holiday shopping, presents and parties, you’re likely pulling together paperwork for your 2017 tax returns. When you do, don’t forget about the New York State Clean Heating Fuel Credit, which earns you a tax credit of up to 20 cents for every gallon of Bioheat® fuel you purchase for blends of B6 (6 percent biodiesel) up to B20, at one cent per percentage of biodiesel used in the blend. If you buy 1,000 gallons of B20 Bioheat® fuel, you’ll earn $200. Talk about holiday cheer … your holiday presents are practically paid for!
The New B5 Standard
On October 1, 2017, the New York City biofuels standard for all heating oil increased to 5 percent biodiesel (B5) – up from the 2 percent biodiesel (B2) standard which had been in effect since October 2012. You’re already getting Bioheat® fuel with at least 5 percent biodiesel, but many Bioheat® dealers offer blends higher than that. If your dealer is supplying a B6 or higher blend, you can earn New York State Clean Heating Fuel Credits.
Claim Your Tax Credit
You can claim your tax credit by filling out form IT-241 and submitting it with your state tax documents. Your Bioheat® dealer can provide you with a statement of the amount of Bioheat® fuel you purchased in the past year.
Contact Your Bioheat® Dealer Today
Add some extra holiday cheer by claiming New York State Clean Heating Fuel Credits available to you as a Bioheat® fuel customer. To learn more, contact your local Bioheat® dealer today.